i guess someone needs a transcript to understand Carlin's message from 2005...old man was right .. http://whowhatwhy.com/2011/04/17/ge...m-a-few-dirty-words-and-a-whole-lot-of-sense/
I guess someone needs to put the correct link into their post when they try to reference something. Go ahead, click on the link in your original post.
Spot on. Why should we have to pay more? Higher taxes will only alleviate the pressure to cut spending. And from history, we know congress will spend >100% of any increased revenues, leaving us in even worse shape.
Russia had a fixed exchange rate. Other defaulters would be those who were contrained by a gold standard, fixed peg or currency union. And of course lets not forget the conquered and dissolved countries, ie the Confederate South. In terms of a country without a constraint, how the heck does it declare bankrutptcy when it can freely print? It doesn't!!!!!!!!!! Really, that is the answer.
The US has been doing this since the second Reagan term made it a cornerstone of federal fiscal policy.
Because the debt isn't internally funded and because the economy collapses without key commodity imports. All of which have to be translated into "other people's" currencies. Printing your own is no protection - not in the real world.
There's only one relevant question and it ain't how much more will they confiscate from you. That relevant question is: What year will the people in the USA get fed up and say "no more"? My guess is somewhere around 2030 to 2040.