So how are you protecting yourself against the US going bankrupt? Buying silver and gold? Buying foreign currency?
And this guy thinks you're wrong: http://www.forbes.com/sites/pascale...l-not-go-into-a-debt-crisis-not-now-not-ever/
First we can expect deflation, then inflation. See here, this is just one of hundreds of articles on this subject: http://www.zerohedge.com/news/2013-05-23/will-it-be-inflation-or-deflation-answer-may-surprise-you So in deflation hang on to cash, pay back debts. When inflation is setting in, buy real estate, stocks or other physical assets that will increase their value in inflation, buy steady foreign currencies (those with less inflation than your own currency) and go into debt. https://en.wikipedia.org/wiki/Deflation https://en.wikipedia.org/wiki/Inflation Felix
The "liability from Social Security and Medicare" you mention is a future liability from future obligations, not a current liability and is therefore not related to current US Debt liability. Here is another article with a more balanced perspective ... http://www.theatlantic.com/business/archive/2012/11/is-our-debt-burden-really-100-trillion/265644/
also, medicare is an entitlement, not a legal contract, and it can be eliminated or reduced at any time
what a crazy article. he completely neglects to explain that the us is not in charge of printing our own money. we assigned it to a private bank and that bank charges us interest. so if we wanted to print our asses off and not borrow we would have to change our bank system and our currency would have to change from a debt currency.
you believe what you want..and i'll believe what I want http://www.federalreserve.gov/faqs/about_14986.htm the fed isn't private. it may not be perfect, but this is not the early 1900's anymore... should they be audited? yes. do I think it's a bunch of guys making billions and somehow americans are losing money over this? NO
Does he mention that it all works only as long as somebody will buy the T-bills? What if nobody wants T-bills and the Fed can't buy any more?
from your link. break it down... and don't be fooled by the misdirection... The FED website stated... The fed is owned by the regional fed reserve banks. The regional fed reserve banks are owned by shareholders. The FED is private. The only real control our govt has is to pull the charter. http://www.federalreserve.gov/faqs/about_14986.htm Who owns the Federal Reserve? The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution. As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government." The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
Hey Jem, since it is not owned by anyone and pays 6% per year, why not divy up that reserve stock to each taxpayer by giving them their share of shares so they can get that 6% dividend while not owning it? Is it also correct that if they don't own it, then they don't have to pay taxes? Consider TARP, the injections of capital so far to save the member banks from failure from their own actions as the down payment by the people who are represented by the congress. Since congress mandates it and controls it, then the people must be the ultimate proper owners. Or is my reasoning flawed somewhere? A kind of debtor in possession financing idea.