The US reaches its credit limit (news)

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Thats $33,333 in government debt for each person from babies to old geezers.

If we all pitch in this can be fixed real quick. Of course if you have children you need to pay for them. And if your grandparents cant pay you need to pay for them. How bout it?
 
Thats $33,333 in government debt for each person from babies to old geezers.

If we all pitch in this can be fixed real quick. Of course if you have children you need to pay for them. And if your grandparents cant pay you need to pay for them. How bout it?

Maybe Ron Paul is on to something regarding basing the US monetary system on REAL value (like gold).

I'm afraid the credit meltdown currently unfolding is just the tip of the iceberg. :eek:
 
Ron Paul is a tin foil hat wearing kook. If he likes his gold so much why doesn't he marry it. Being in massive amounts of escalating debt for the rest of your life to a group of people you'll never be allowed to know their names while fighting inflation along with lower consumer good values is the cool thing to do. So quit being lame. Future generations depend on us looking cool. Fiscal responsibilities are for hippies. You're not a hippie are you?
 
Backing your money with gold is a bad idea because the amount of Gold stays the same while the GDP grows. That produces deflation == bad.
 
"The modern mind dislikes Gold because it blurts out unpleasant truths." -Joseph Schumpeter on the Federal Reserve
 
Ron Paul is a tin foil hat wearing kook. If he likes his gold so much why doesn't he marry it. Being in massive amounts of escalating debt for the rest of your life to a group of people you'll never be allowed to know their names while fighting inflation along with lower consumer good values is the cool thing to do. So quit being lame. Future generations depend on us looking cool. Fiscal responsibilities are for hippies. You're not a hippie are you?

You called?

There are only 2 solutions to this. Decrease spending or increase taxes. Bush has been so ridiculously irresponsible with his tax cuts and massive spending it's a joke... although not a very funny one.

Where does the money go? Well, how much have they just approved for Iraq? Another $150bn or something?

In my view, to start getting herself out of this hole, America should slash military spending. No one wants to sign-up anyway, so take the opportunity to reduce troop numbers. When your country is dying financially there is no need to have the latest greatest weapons (as the USSR learnt eventually), so cut back on development - don't worry, if you do get attacked it'll be by kids with home-made bombs, or by your own planes. The next generation of stealth fighters or super-bombs won't help you.

America should also increase taxes across the board. You (arguably) elected these people, you are all responsible. Doesn't the declaration of independence say something about taking down bad governments - you haven't done that. It's political suicide in the US to argue for increased taxes, although it is the logical solution I don't expect it to happen openly.

The other thing that would help massively, but unlikely to happen, is to stop the war on drug users. Legalise and tax. Stop spending money providing for people incarcerated for only harming themselves and allow them to contribute to the economy rather than being a drain. Stop wasting millions destroying crops and allow the farmers in Columbia and Afghanistan to sell their produce legally, taking a big cut in taxes. Spend on education and harm reduction, insist on quality control and strongly deal with any unlicensed production and sales. I can't be fucked to dig out the figures, but if this multi-billion dollar economy was taken away from the black market we would all benefit financially (not to mention socially).

Sort this shit out guys, it's fucking up the world and we can't do much about it.

</rant>
 
IF you want to blame someone blame Reagan. After all he was the one that proved deficits don't matter. He what, quadrupled?, spending to break the soviet union. When it reality it would have collapsed by itself, although I don't know if it would have been at the same time or later.
 
Reagon doubled the national debt, but that's almost impossible for Bush to do though I do think he's trying really hard to beat that. Didn't republicans used to be about fiscal responsibility? WTF happened?
 
The media have played a big part too. By perpetuating the myth that you can have high spending and low taxes, they have created a situation where the sheeple just won't elect someone who is honest and says we need to raise taxes. It's similar here, although on a much smaller scale.
 
gold and no federal reserve forces honesty. A senator can't go spending billions more dollars and throwing up all these new programs all without raising taxes. Then while voters are looking at the track record...hmm he gave us all these things and never once raised taxes, he must be some kind of math and budget genius. Lets reelect him!


sad but people really are that stupid.
 
I think budgets should have to balance at the end of the 4 years. You can run a deficit for a year or two but it must balance at the end of 4 years as president unless Congress recognizes some special thing like the Great Depression.

How fucking hard is it to balance a budget? Every family and person has to do it with their personal finances....

I am not sure if there is enough gold to use it but the supply of gold does grow every year. It is mined more than it is used for jewelry or electronics.
 
I think budgets should have to balance at the end of the 4 years. You can run a deficit for a year or two but it must balance at the end of 4 years as president unless Congress recognizes some special thing like the Great Depression.

How fucking hard is it to balance a budget? Every family and person has to do it with their personal finances....

I am not sure if there is enough gold to use it but the supply of gold does grow every year. It is mined more than it is used for jewelry or electronics.

That seems to be one of the problems with a gold standard, at current prices there isn't enough in the world to cover even half of the US debt let alone anything else, so gold prices would be artificially inflated by a massive amount. Great news for anyone with a horde of bling, bad news for jewellers! An increased demand for gold would certainly help the economies of some African nations too, unfortunately it might also put them on the US military's radar.
 
before arguing about the gold standart, you guys;and Rony,should read up on some facts.
the hole idea is a joke,we are not anymore in 1944.
 
before arguing about the gold standart, you guys;and Rony,should read up on some facts.
the hole idea is a joke,we are not anymore in 1944.

to say the system is already too messed up to ever fix is a ridiculous coppout. Yes it will suck, and its ours and our grandfathers own damn fault for allowing it to happen, but its our responsibility to bear. An economy based on debt can't function forever. To pretend it can is really just an argument to push the burden on our kids. Which is unacceptable.
 
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