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What would happen if we said what debt..?

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posted on Oct, 17 2005 @ 08:29 PM
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What would happen if...

40% of our national debt belongs to China, Japan, Tawian, S. Korea. OVER 7 TRILLION DOLLARS! What would really happen if we decided (or concocted a plan to decieve) not to pay back this debt? Could this be a plan? Would any legal act void this debt? (which increases from interest 2.2 billion a day) like international bankruptsy? Perhaps a transformation of governement? I know we depend on these countries for trading purposes but 2.2 billion a day is too crucial to ignore.




posted on Oct, 17 2005 @ 08:48 PM
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I don't think the US can renege on it's debt.
The closest thing would be to just print more money and pay the creditors with that.

The $8 trillion would only be worth $4 trillion or less after the new printings devalue the currency but the debtors would get what they were owed.



posted on Oct, 17 2005 @ 10:21 PM
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Ace,

That's a good idea. Pay in brilliantly mastered counterfeit. Then, as the treasury department recirculates the bills, they destroy all the counterfeits and pull them out of circulation. I would love to know facts on how long it takes for the treasury department to completely (or almost) pull a currency generation from circulation. If it took fifty years, I'd say that that's hell of a lot better than forking it all over. Of course I'm not condoning this, but I'm just thinking at the level of my governemt. Doing my part



posted on Nov, 29 2005 @ 04:43 PM
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Originally posted by AnAbsoluteCreation
What would happen if...

40% of our national debt belongs to China, Japan, Tawian, S. Korea. OVER 7 TRILLION DOLLARS! What would really happen if we decided (or concocted a plan to decieve) not to pay back this debt? Could this be a plan? Would any legal act void this debt? (which increases from interest 2.2 billion a day) like international bankruptsy? Perhaps a transformation of governement? I know we depend on these countries for trading purposes but 2.2 billion a day is too crucial to ignore.


I don't know, but I bet there's a loop hole somewhere in american foriegn policy from long ago that we don't have to pay anything.



posted on Nov, 29 2005 @ 06:26 PM
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I don't think we can do that....they would decide not to sell their cheap crap to us. then, well, just how would all these younger people balance their checkbooks, most of them can't add and subtract without their trusty "made in Whatever" calculator.......

but, of course, we all know that the manufacturing sector of our economy is worthless and we shouldn't worry in the least if those jobs vanish to other countries.



posted on Nov, 29 2005 @ 06:37 PM
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If you want a 'closed economy', a huge drop in living standards for most and your currency to be utterly worthless at home and abroad this is a great plan.

The world's probably more open and international than it has been, unilateral actions like this would be the absolute kiss of death to your economy, IMO.

Still, if you really want to head back to a barter system and something akin to the original frontier subsisting spirit........?



posted on Nov, 30 2005 @ 12:16 AM
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First, the countries which lent us the money would promptly cease to trade with us and might consider seizure of US assets in their territory, at the very least. Since these countries tend to be our largest trading partners, this would result in the total or near-total collapse of the US economy.

Second, our currency would become worthless. No country would ever want to touch a US dollar or dollar-valued bond or other debt instrument because they would know we had no intention of paying back our debt. Inflation would be worse than in Weimar Republic Germany, trade would be impossible, and Americans would spend the rest of their lives working like dogs doing agricultural or, if lucky, low-level manufacturing just to raise the few blackmarket Euros, Yen, or Yuan it takes to eke out a living.



posted on Dec, 7 2005 @ 08:31 AM
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-my bad! That's really scary.




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