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Originally posted by ohiotim2112
I just heard on my local news that the United States is “dangerously close” to defaulting on its national debt. I am uneducated on this subject and in the dark on to what this really would mean and the repercussions that would entail. Could I get some quick education and a few opinions from some of you?
(I looked for posts but didn't really see what I was looking for.)
Originally posted by religiousmurder
well the president is more than likely purposely destroying the US dollar
Originally posted by arrus75
isn't defaulting on your debt synonymous with bankruptcy?
Bankruptcy -- The condition of a legal entity that does not have the financial means to pay their incurred debts as they come due.
Maybe they were trying not to cause panic, but that's what that headline sounds like....'U.S. is dangerously close to bankruptcy"???
Originally posted by Whereweheaded
The US spent more than it made. The GDP is so overwhelming, its actually staggering. Not to mention the Fed's pumping worthless dollars into the system, only brings down the value. Not to mention, out side powers are doing there darndest to also bring the value of the dollar down.
There is no possible way for the US to repay its debt to foreign powers. And this " big event " by no means is going to allow the US to walk away unscathed. Those who lent money,...they're gonna want it back.
Less we forget, all mighty wise, ( and incredibly hideous ) Hillary Clinton, went to china, how do you think she got them to keep from sending 3 trillion in US funds from being back into the system? Mortgages!!!! Many people don't realize, but many of American mortgages were put up for collateral.
The " big event ' everyone keeps taking about.....is the death of the US.
Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthetic paper currency issued by the International Monetary Fund.” As the Telegraph reported, “the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body.