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Declaring Bankruptcy on the National Debt - 12/27/2009 11:19:32 AM   
cuckoldmepls


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We will soon be spending half a trillion dollars in interest on the national debt each year. This money goes to wealthy people here, wealthy people overseas, and to other countries who have bought our debt.

If you divide up $500 billion by each state, that would give each state $10 billion to spend annually on infrastructure, new inner city schools, and rehabilitate slum neighborhoods, while increasing police protection, and decreasing unemployment.

Would you rather we slowly degenerate into a 3rd world country or would you rather we end this nonsense now, declare bankruptcy, and pass a Constitutional amendment that the feds cannot under any circumstances ever again take more than 10% of our paycheck in taxes (hidden taxes too), they can never again borrow money unless it is all out war, and they must never again spend more than they take in. If programs have to be shut down and transferred to the states then so be it.

That's exactly how we got into this mess in the first place, by the federal government creating programs and agencies that are unconstitutional in the first place according to the 10th amendment.

"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

Now the globalist will tell you that it will collapse the world economy, but the world economy has almost collapsed once already. If we continue on the path we are on, it will either collapse anyway or we will all degenerate into 3rd world countries. It's very simple, China has made their economy dependent on ours. As we degenerate so will theirs. We are already subsidizing Europe with trade and our military bases, Mexico and Canada with NAFTA, and China with the Chinese trade deal. How long do you think we can continue subsidizing half the world? Especially since our government will soon have half the population either on social security or government freebies. 1 in 9 people are already on food stamps.

The globalist will also tell you that we benefit from free trade. Nonsense. Sure a few companies like Walmart stand to benefit, but do we sell out an entire country just so a few companies can benefit? The problem is that we can't compete with slave labor in 3rd world countries. For now we can still afford to buy their products, but they can't afford to buy ours. There's no possible way we can come out ahead on these deals.

Globalist will also call you an isolationist just as they call the people who want strict immigration enforcement racist or xenophobes. You have to be smart enough to realize that there has always been trade for thousands of years, and that will never stop. However, we simply can't survive when the trade deals do not at least allow us to come out even. Fair trade agreements are the answer, not free trade. Do you realize that China is in the planning stages of building car factories in Mexico? Now, that's not fair at all using slave labor, with only minimal transportation cost, no import fees, and the profit goes back to China.

If you haven't figured it out yet by now, they are manipulating your mind with politically correct buzzwords to put you on the defensive. For example, they call Amnesty Comprehensive Immigration Reform. Obama is a master of deception just as Bill Clinton was. For example, they promised you a middle class tax cut, since they knew once they gained control of Congress they would pass a whole slew of back door tax increases and eventually get more money out of you than they would have otherwise starting with healthcare fines. When Bill Clinton announced the Chinese Trade Deal, he said that it would open up an enormous market for American Corporations. He failed to mention that it would also open up an enormous American market to the Chinese who can undersell us even including overseas shipping costs.

Imagine what's going to happen when we can't even afford to buy their poducts. To sum it up, it's over with folks. The globalist have lost. It's just a matter of time. We might as well declare bankruptcy now, and start rebuilding our nation. To Hell with all the people and countries who tried to bleed out nation dry. We have no loyalty to them.

Juan McAmnesty's slogan "Country first", and Obama's slogan "Change we can believe in" have to be the most ironic campaign slogans for all of history, for we will indeed be the first country to go under, and you can believe in that.
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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 11:24:04 AM   
Sanity


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Everyone is a fiscal conservative, once they understand the math.


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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 11:39:40 AM   
willbeurdaddy


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There is no need to declare bankruptcy. Just keep spending and inflating the dollar till its worth next to nothing, then declare a new currency with a 1/1 trillion exchange rate. Its so much more face saving than reneging on your obligations.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 11:41:58 AM   
SL4V3M4YB3


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Obviously Bush didn't then because this era is where your national debt grew the most.

You'll suffer in the long term if you try in any shape or form to compete with China in terms of what they produce and that includes trade barriers with the rest of the world. What is the point in growing an economy in isolation if it is going to be offering the same items for production as the rest of the world? Sooner or later demand for these domestic products will reach saturation point and you'll have to seek new markets abroad by which time the trade barriers you have imposed would have allowed your corporations to get uncompetitive.


< Message edited by SL4V3M4YB3 -- 12/27/2009 11:42:17 AM >


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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 11:43:58 AM   
willbeurdaddy


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quote:

ORIGINAL: SL4V3M4YB3

Obviously Bush didn't then because this era is where your national debt grew the most.



Until Obama that is.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 11:45:07 AM   
Sanity


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Actually, starting with Obama's tobacco tax increases, which was a huge tax increase on especially the poorest, the least educated, and the elderly.


quote:

For example, they promised you a middle class tax cut, since they knew once they gained control of Congress they would pass a whole slew of back door tax increases and eventually get more money out of you than they would have otherwise starting with healthcare fines.


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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 11:46:16 AM   
willbeurdaddy


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quote:

ORIGINAL: Sanity


Actually, starting with Obama's tobacco tax increases, which was a huge tax increase on especially the poorest, the least educated, and the elderly.




Pales by comparison to cap and trade if he ever manages to saddle us with that tax.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 12:04:11 PM   
SL4V3M4YB3


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quote:

ORIGINAL: Sanity
Actually, starting with Obama's tobacco tax increases, which was a huge tax increase on especially the poorest, the least educated, and the elderly.

I think smokers being the least educated and poorest is a bit of a stretch really.

You see doctors smoke, you see lawyers smoke, you see CEO's smoke etc.

I'm not sure if more old people smoke either, I thought people were getting introduced to it younger and younger thesedays?

< Message edited by SL4V3M4YB3 -- 12/27/2009 12:13:57 PM >


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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 12:18:32 PM   
Sanity


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From: Nampa, Idaho USA
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quote:


...Of course, society's perception of smoking has changed a lot since the days of doctors actually endorsing one brand or another in the first half of last century. Dimmitt recalls "ashtrays in church pews, smoking in the classroom and blowing pipe smoke all over the students!"

"When I was born, my mother was allowed to smoke in the hospital room with me in there," Jerome said. "When I had my adult children, we were allowed to smoke in the day room on the maternity ward floor, although the babies were not allowed in there. When I had my youngest children, ages 5 and 8 now, you couldn't smoke in the hospital. How the times have changed."


<snip> <snip>


"The demographics have changed so much that now, more often than not, it's the disadvantaged who are still smoking compared to the highly educated, highly trained people," Hurt said. "It is pretty clear that the prevalence of smoking in groups of people is related to education status, which is a surrogate for income status. ... When you go down the income ladder, the smoking prevalence rises. Some groups of severely disadvantaged people have smoking rates of 30 to 40-plus percent."


Hurt says that there is also a much higher prevalence of smoking among people with mental health disorders like depression, alcoholics, drug users and schizophrenics.


http://www.cnn.com/2009/HEALTH/01/09/who.still.smokes/index.html





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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 12:19:10 PM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline

quote:

ORIGINAL: cuckoldmepls

We will soon be spending half a trillion dollars in interest on the national debt each year. This money goes to wealthy people here, wealthy people overseas, and to other countries who have bought our debt.

If you divide up $500 billion by each state, that would give each state $10 billion to spend annually on infrastructure, new inner city schools, and rehabilitate slum neighborhoods, while increasing police protection, and decreasing unemployment.

Would you rather we slowly degenerate into a 3rd world country or would you rather we end this nonsense now, declare bankruptcy, and pass a Constitutional amendment that the feds cannot under any circumstances ever again take more than 10% of our paycheck in taxes (hidden taxes too), they can never again borrow money unless it is all out war, and they must never again spend more than they take in. If programs have to be shut down and transferred to the states then so be it.

That's exactly how we got into this mess in the first place, by the federal government creating programs and agencies that are unconstitutional in the first place according to the 10th amendment.

"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

Now the globalist will tell you that it will collapse the world economy, but the world economy has almost collapsed once already. If we continue on the path we are on, it will either collapse anyway or we will all degenerate into 3rd world countries. It's very simple, China has made their economy dependent on ours. As we degenerate so will theirs. We are already subsidizing Europe with trade and our military bases, Mexico and Canada with NAFTA, and China with the Chinese trade deal. How long do you think we can continue subsidizing half the world? Especially since our government will soon have half the population either on social security or government freebies. 1 in 9 people are already on food stamps.

The globalist will also tell you that we benefit from free trade. Nonsense. Sure a few companies like Walmart stand to benefit, but do we sell out an entire country just so a few companies can benefit? The problem is that we can't compete with slave labor in 3rd world countries. For now we can still afford to buy their products, but they can't afford to buy ours. There's no possible way we can come out ahead on these deals.

Globalist will also call you an isolationist just as they call the people who want strict immigration enforcement racist or xenophobes. You have to be smart enough to realize that there has always been trade for thousands of years, and that will never stop. However, we simply can't survive when the trade deals do not at least allow us to come out even. Fair trade agreements are the answer, not free trade. Do you realize that China is in the planning stages of building car factories in Mexico? Now, that's not fair at all using slave labor, with only minimal transportation cost, no import fees, and the profit goes back to China.

If you haven't figured it out yet by now, they are manipulating your mind with politically correct buzzwords to put you on the defensive. For example, they call Amnesty Comprehensive Immigration Reform. Obama is a master of deception just as Bill Clinton was. For example, they promised you a middle class tax cut, since they knew once they gained control of Congress they would pass a whole slew of back door tax increases and eventually get more money out of you than they would have otherwise starting with healthcare fines. When Bill Clinton announced the Chinese Trade Deal, he said that it would open up an enormous market for American Corporations. He failed to mention that it would also open up an enormous American market to the Chinese who can undersell us even including overseas shipping costs.

Imagine what's going to happen when we can't even afford to buy their poducts. To sum it up, it's over with folks. The globalist have lost. It's just a matter of time. We might as well declare bankruptcy now, and start rebuilding our nation. To Hell with all the people and countries who tried to bleed out nation dry. We have no loyalty to them.

Juan McAmnesty's slogan "Country first", and Obama's slogan "Change we can believe in" have to be the most ironic campaign slogans for all of history, for we will indeed be the first country to go under, and you can believe in that.




Cuckhold, very well stated and true!
And yes China will "backdoor" us through that *abomination* called "NAFTA" just like the Japanese already did.
And of course you can't "compete" with third world slave labor. And how is it "competing" when the U.S. gives "foreign aid" to more than 130 foreign countries? That's not "competing" or "capitalism."
My life certainly hasn't been made "better" because I can "save" $3 on a shirt made in China.
I've been saying for years that we're going to have to declare bankruptcy on our massive debt! And we should have been putting all that social security money and medicaid money into a "lock box" so that the congress couldn't spend it every year! What the hell is that all about?
Why would anyone want to hold govt bonds that "yield" 3% when you can get 9% on stocks like Windstream (WIN) which I currently own?
Bill Clinton out and out lied about "NAFTA!"
He told the American Public that if "NAFTA: passed it would create, "millions of high-paying manufacturing jobs and stop illegal immigration from Mexico."
Almost immediately cos shipped plant and equipment to Mexico and to add insult to injury the people in the W.H. that they called "The Dorm" began counting those plants and equipment as,..."exports."
His "presidency" was so bad, so full of lies and so corrupt as to make Bush 43 look like an eagle scout and (he) was real bad!
I don't think there's any doubt now that Clinton was a sociopath. (Read, "The Sociopath Next Door." Martha Stout Ph.D)
Anytime there is, "a partnership between business and government" The People *ALWAYS* get screwed without exception.
I think it's a wise thing to do to isolate "globalists" and "global warmers" over in the sociopath corner before they do anymore damage to the rest of society.
Boy! Anytime we hear the words "Global" or "World" you just *know* the U.S. Taxpayers are about to get screwed!!!
And I think all of us here need to really start ratcheting up calls, e-mails, faxes, and letters to our congressmen and senators *DEMANDING* that they get us out of "NAFTA" forthwith! I enjoy writing letters anyway so they're certainly going to get an earfull from me! We really do need to start making a lot of noise about this!!!
Funny how "the brightest" and "the smartest" (as they call themselves) keep getting "us" into these problems isn't it?
They simply ignore the wishes of The American People and do whatever "they" want to do!
They keep forgetting that they are not there to "lead" us they are there to do the bidding of The American People!
"Senator" and "Congressman" are not "leadership" positions they are "messenger positions."
I've always thought that we need a Major realignment of the Federal Government that gives "The People" a lot more say in what goes on that we are just not getting now. It has reached the point that "the govt" is doing things "to" us and not "for" us!
And, I've always been a big fan of Thomas Jefferson!

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 12:33:13 PM   
SL4V3M4YB3


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Joined: 12/20/2007
From: S.E. London U.K.
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quote:

ORIGINAL: Sanity
quote:


...Of course, society's perception of smoking has changed a lot since the days of doctors actually endorsing one brand or another in the first half of last century. Dimmitt recalls "ashtrays in church pews, smoking in the classroom and blowing pipe smoke all over the students!"
"When I was born, my mother was allowed to smoke in the hospital room with me in there," Jerome said. "When I had my adult children, we were allowed to smoke in the day room on the maternity ward floor, although the babies were not allowed in there. When I had my youngest children, ages 5 and 8 now, you couldn't smoke in the hospital. How the times have changed."
<snip> <snip>
"The demographics have changed so much that now, more often than not, it's the disadvantaged who are still smoking compared to the highly educated, highly trained people," Hurt said. "It is pretty clear that the prevalence of smoking in groups of people is related to education status, which is a surrogate for income status. ... When you go down the income ladder, the smoking prevalence rises. Some groups of severely disadvantaged people have smoking rates of 30 to 40-plus percent."

Hurt says that there is also a much higher prevalence of smoking among people with mental health disorders like depression, alcoholics, drug users and schizophrenics.
http://www.cnn.com/2009/HEALTH/01/09/who.still.smokes/index.html


Or perhaps only certain types of people have time to stop and do a survey?

I don’t think it matters either way as the tax programme in this case is aimed at putting people off smoking. Perhaps this new class of citizen should be placated and given even more privileges such as being allowed to break the speed limit. Perhaps the only enjoyment they have in life is racing cars on the national highways (who is doing the suvery to tell us which social groups break speeding laws)?


< Message edited by SL4V3M4YB3 -- 12/27/2009 12:47:01 PM >


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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 12:35:33 PM   
AnimusRex


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quote:

ORIGINAL: Sanity
Everyone is a fiscal conservative, once they understand the math.


Agreed. And yes, to satisfy everyone, Bush/ Cheney happily ignored the deficits, as did Clinton, Bush I, Reagan, Carter, Ford, Nixon, Johnson, and Kennedy.
In order to find a President that really pursued and accomplished a balanced budget, you have to go all the eway back to Eisenhower.
(Clinton and the GOP Congress of 94- 00 had a budget surplus, but I don't really credit them with it; they didn't set out to do it, never made it a priority, and it happened almost by accident. In my opinion.)

Budgeting, whether its your personal household budget, company budget, or federal budget, is about making hard choices and setting priorities. Making hard choices and priorities is NOT something either party really is interested in even with all the wailing about the deficit.

Accomplishing a balanced budget will not happen by one simple this, or a easy that. The debt of WWII was much larger than what we have now, compared to the GDP. It took about 20 years to pay off.
20 years of hard work, 20 years of sacrifice, 20 years of tax rates that were several times higher than they are today.

I asked in an earlier thread for someone to name one Republican or Democratic Senator or Congressman, who is seriously setting forth a balanced budget as their goal.

I am still waiting. No, this isn't a snarky "gotcha" line, it is just stating that neither party is being honest or candid.

In the earlier thread, I laid out the budget for 2010, and showed that the only way to balance it would be some combination of severe budget cuts (including Defense), and tax increases.
No one ever countered with a proposal that showed otherwise.

The reason for that is that once you understand the math, everyone becomes a deficit hawk.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 12:43:38 PM   
Musicmystery


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quote:

Agreed. And yes, to satisfy everyone, Bush/ Cheney happily ignored the deficits, as did Clinton, Bush I, Reagan, Carter, Ford, Nixon, Johnson, and Kennedy.
In order to find a President that really pursued and accomplished a balanced budget, you have to go all the eway back to Eisenhower.
(Clinton and the GOP Congress of 94- 00 had a budget surplus, but I don't really credit them with it; they didn't set out to do it, never made it a priority, and it happened almost by accident. In my opinion.)


To be fair, Eisenhower's was almost by accident as well. Europe was literally torn apart by years of war. We supplied those markets while European production was unable to meet demand.

Seems to me a fiscal conservative would have banked that (so to speak) against harder times. Instead, we spent the 50s learning to pretend these markets were our birthright, ignoring they were destined to end.

Of course, we were busy witch hunting communists. And watching TV.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 12:46:18 PM   
vincentML


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quote:

ORIGINAL: Sanity


Everyone is a fiscal conservative, once they understand the math.



I cannot cope with such a long rant so I hope you don't mind if I use your quote, Sanity. First, there is no mechanism for the Nation to "declare bankruptcy." You would need an international Court which I doubt the OP would desire. Then there would be the process of gathering and tabulating all the assets. The Federal Govt owns a hellofa lot of land, buildings, aircraft carriers, fighter planes, submarines and other physical assets that would have to be auctioned off to meet the debt. You get the point I hope.

What countries have to do is default on their debt. I think there have been some examples in recent history. I am not 100% certain but Argentina, Russia, and maybe Mexico come to mind. The most horrendous historical example is Germany in 1922.

What happens when a country defaults on their debt? There is a loss of confidence in that country by international investors. They will dump their stocks and bonds at basement prices. Money will flee the US as it did Germany. The result was hyperinflation in Germany. I cannot stress that enough. Workers had to be paid daily because their money value was falling so rapidly.

Today with the world wired digitally the result would be breath-takingly fast. With the speed of light. Additionally, the dollar is the reserve currency for the world. Even the smell or rumor of default would create a panic of dollar dumping. Does the OP know how long it would take to pass a Constitutional Amendment? You will not fool anyone by creating a new currency. Germany did that after they were deep in the shit hole of 1922. It helped a little to restore some confidence. But doing it before hand would create a crash and annihilate the value of the buck.

OP, your idea is emotional, unworkable, and more disastrous than you can imagine. Read the history of Germany of 1922. If you want an education read the Lords of Finance published this year.

There have been classically only two ways to rebalance the budget and get rid of debt...raise taxes or inflate by keeping interest rates low. Guess which road we are traveling. The working man loses in either case.

And you know that the interest rate on borrowed money is not controlled by the government but by the Federal Reserve which is an independent and private consortium of Banks. So guess who is in charge of the value of the buck in the short term. The private Banks!

The actions that the OP is suggesting are suicidal.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 2:00:42 PM   
AnimusRex


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quote:

ORIGINAL: vincentML
The actions that the OP is suggesting are suicidal.


Well, yes, but it would make Obama look bad.

So on balance, not such a bad idea.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 2:15:40 PM   
mnottertail


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quote:

ORIGINAL: willbeurdaddy

There is no need to declare bankruptcy. Just keep spending and inflating the dollar till its worth next to nothing, then declare a new currency with a 1/1 trillion exchange rate. Its so much more face saving than reneging on your obligations.



See, I never figured out why they cakked Hjalmar Schact. This is brilliant and a simplified version of what he did in that circumstance.

I dont see how that was a bad thing, governmentally.

And the bubble will begin again!!!!!!!!!!

HollandTulipBulbMaster

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 2:16:22 PM   
InvisibleBlack


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quote:

ORIGINAL: cuckoldmepls
Would you rather we slowly degenerate into a 3rd world country or would you rather we end this nonsense now, declare bankruptcy...



The Unites States has never once in its history defaulted on its debt. I think that defaulting on the US debt would be disastrous - both for the nation and the world. This sort of thinking is exactly the problem - looking for the quick fix. The easy out. There is no quick fix. You spend more than you earn - you have to pay the price.

The real answer is to suck it up and cut spending. You cannot raise taxes or increase revenue enough to cover the total expenses the government racks up. You know what - the Cold War is over. All those military bases scattered around the world - some of them will have to be closed. Some of those "entitlements" everyone is so dead set on that are "necessary" and "vital" - they'll have to be canceled and people will have to tough it out like they used to before the programs existed. You know all those programs the government supports because they're "good for society" or "important for people to have" - some of them will have to end.

Do I think this will happen? No. There's always excuses why we can't tighten our belts now. However, it doesn't change the simple fact that you cannot spend more than you earn in perpetuity. Eventually the bill comes due. Eventually you run out tricks, book-keeping gimmicks and suckers dumb enough to keep loaning you money. And then things collapse and you're forced to cut back.

The United States isn't the first nation to go down this path and it won't be the last and the results are pretty much always the same.

< Message edited by InvisibleBlack -- 12/27/2009 2:17:23 PM >


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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 2:44:43 PM   
vincentML


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quote:

ORIGINAL: AnimusRex


quote:

ORIGINAL: vincentML
The actions that the OP is suggesting are suicidal.


Well, yes, but it would make Obama look bad.

So on balance, not such a bad idea.


Since his birth certificate is fake and he is a usurper of the Office and getting ready to "disappear" disenters, serious measures should be considered. If the Nation must suffer in the short term, it is for a good cause. I agree. What the hell.

_____________________________

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Our lives begin to end the day we become silent about things that matter. ~ MLK Jr.

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RE: Declaring Bankruptcy on the National Debt - 12/27/2009 2:46:34 PM   
mnottertail


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And Invis, there is no one I agree with more than you in these matters, and one of the things we agree on, is we are not going to make the cuts, so what is the best move that can be made in the aftermath of this certain disaster?

Ron

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Profile   Post #: 19
RE: Declaring Bankruptcy on the National Debt - 12/27/2009 2:52:21 PM   
AnimusRex


Posts: 2165
Joined: 5/13/2006
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quote:

ORIGINAL: vincentML
Since his birth certificate is fake and he is a usurper of the Office and getting ready to "disappear" disenters, serious measures should be considered. If the Nation must suffer in the short term, it is for a good cause. I agree. What the hell.


Well, the final arbiter should be Rush- in the event of such a calamity, could he still buy cigars? Will his investment portfolio stay solid? Can he still find prescription drugs, Viagra, and cabana boys from the Dominican Republic?
These are the ground rules- yes, yes, millions could suffer unemployment and privation, but lets keep things in perspective, shall we?

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