No party lasts forever, at the end one gets the bill, and then comes the great awakening... party's over.
eventually some leftist world govt banker guy will come along and say the world FED will buy up all the us debt and replace with the international currency if the US agrees to the World Private FED bank currency and monetary control. And instead of the US just changing currency... our leaders have been purchased by the bankers will agree. That will be the beginning of world govt. soon there after our children will be working as slaves.
Tell your mortgage company....US is bankrupt!!! Tell your grocer.....Tell the gas attendant....Tell the electric company......Stop paying bills!!!! LOL.... they will laugh and say, where is my money!!!! It's all relative....go to Spain, Italy, Ireland, Iceland, Greece, France, etc....and spew this stuff.... and then realize....we will get the jets ready and take back what is rightfully ours.....the entire world!!!! http://www.youtube.com/watch?v=-oB5wZXk3ig USA USA USA
I think Jem is right as one of a few scenarios I can think of. The big key is who get stuck with the bill. That is tough to figure out. The first payment of the bill came with US citizens getting hammered in inflation, another part with the US citizens dropping net worth back 30 years or so, but it seems that that is still not enough to resolve it. Time will tell. It is incredible that the average person I talk to has no idea this has happened! Out of sight, out of mind I guess. However, your comment is years too late. Clinton's financial fellow ( whose name escapes me now) demanded a report from government officials on three basic questions: Something like: Can a country go bankrupt? Is the US bankrupt? What can be done to correct the situation? It was finally released quietly during the next administration and got no press to speak of. Google "can the us go bankrupt report st louis fed" to read the chilling news. I have posted it before but don't have the link handy, and I read it when came out. Things are much much worse now of course since absolutely no action was taken. However the Jodi Arias trial continues to fill airtime!
We had a similar situation post WW2, probably not nearly as bad.. that took decades to fully unwind. The next few decades ahead of us just aren't going to be that rosy for the 99%. The rich will get richer [that's why I'm a trader actually, I saw that coming a long time ago] and the poor will get poorer.
Saying we are bankrupt is nothing new. It has been the case for some time. People in this country are ignorant because our liberal Pravda media brain washes them. I am on Soc Sec and I read what our government said about Soc Sec and Medicare in their annual report. From the SSA GOV website the summary annual reports of soc sec and medicare for 2012 are direct quotes that say: ââ¦The long-run actuarial deficits of the Social Security and Medicare programs worsened in 2012, though in each case for different reasons. â¦. Both Medicare and Social Security cannot sustain projected long-run program costs under currently scheduled financing, and legislative modifications are necessary to avoid disruptive consequences for beneficiaries and taxpayers. â¦.â How much clearer does it have to be made to people! Your own government says these programs are not working? They are going broke! The next line says ââ¦Lawmakers should not delay addressing the long-run financial challenges facing Social Security and Medicare. If they take action sooner rather than later, more options and more time will be available to phase in changes so that the public has adequate time to prepare. Earlier action will also help elected officials minimize adverse impacts on vulnerable populations, including lower-income workers and people already dependent on program benefits. â¦â Read on the ssa gov website the summary reports of soc sec and medicare for 2012. These are direct quotes ââ¦.. weak economy has placed indirect pressure on the program as well, in that lawmakers have relieved workers of part of the tax burden of financing Social Security benefits so as to bolster near-term economic growth. Under this policy, over $200 billion will be transferred from the General Fund of the Treasury to replace foregone Social Security tax collections. In 2011, due in large part to this change in program financing, payroll tax revenue represented only 70 percent of total Social Security income. â¦.â
Our external debt, as a percentage of our GDP, is really not bad at all. There are many nations doing far worse. Most of the debt we owe to ourselves. It has been contemplated and taken seriously, to create a $1 trillion coin and deposit into the central bank but not put into circulation.
US has a culture of bankruptcy. Socially, it's acceptable practice. This practice and mentality have ingrained in many layers of US strata. At city level, you've seen cities filed for bankruptcy; also at corporate level, you've seen countless of billions dollar belly-ups. more importantly, at personal level, thousands of people in the US file for bankruptcy every day. when a nation is made up of debtors, especially, in capitalist society, what would prevent US from declaring bankruptcy? US companies are also laden with debt! how can they grow when carrying load of debt on their back? attached is some fundamental data I got from some instructor.