What if the Government Defaults?

The government plans on collecting around $3 trillion this year. Mandatory spending (Entitlement programs and the debt) consist of $2.2 trillion. Under the Constitution, the House appropriates funds to pay interest on the debt as it comes due. The current debt ceiling debate is NOT what it seems. We have plenty of money to pay our debts plus interest. This is just more insane rhetoric coming from the president.

If you want to have a republican vs. democrat debate, go ahead. That is a debate where both parties look like fools. All government funding originates in the House. If republicans want to really DO something in Congress, cut funding in discretionary spending. Instead, they will allow funds to be appropriated and stand on the sidelines saying, "Look at what the Democrats are doing!!!" Sorry, some of us lowely surfs aren't that stupid anymore.

And Democrats... President Obama is possibly the worst president in the history of the United States. He is divisive, vain, and the complete opposite of the things he campaigned for. We have spent money hand over fist, money we don't have. We have thousands of pages of laws that common folk can't understand without a lawyer (the average person commits 2-3 felonies per day unknowingly). When Obama can't get what he wants, he simply goes around the Congress and orders some other governing body to implement new "rules" for us to follow. We borrow at an amazing pace while printing money even faster!! Not only does it rack up public debt, but our buying power diminishes.

Anyways, done with my rant. If we defaulted, yes, it would be bad.

reply to post by juspassinthru


30 pieces of silver??

Lets see here, silver trades today at $21.88 per ounce times 30 = $656.40!!

According to www.usinflationcalculator.com, something that cost a dollar in 1913 would cost $23.64 today. So if I multiply $656.4 x 23.64 = $15,504.17

Wilson's 30 pieces of silver are worth $15,504.17!?!?! Did I do this right??

Obama brought us out of a recession, got us out of Iraq, getting us out of Afgan, killed Bin Laden, and moved us forward on healthcare (whether you like it or not, we are further along than we were before Obama).

Oh brother.

Out of respect for the OP I will not derail his thread by responding to this talking point memo.

reply to post by AlienScience

Obamacare is law, it isn't going anywhere...they need to get over it and move on. Too much of it has already been implemented for it to go away now without a massive replacement bill. Defunding it is just a childlike way for the Republicans to stamp their feet and cry.

You know what else was law? The 18th amendment. I think we can remove an unconstitutional and unilaterally imposed 'act' in our sleep.

We can also argue that debt incurred by our representatives that is against the best interests of their constituents is also subject to nullification.

For some realistic, tried and true mechanisms, please refer to this:

State Nullification - Peacefully Restoring Our Constitutional Republic

AlienScience
reply to post by antar

 

The last time the Republicans played this game with the debt ceiling, our Nations credit rating was downgraded. Not because we have too much debt, but because Republicans were threatening to default on our debt.

You would think they would have learned the first time, but apparently not. Republicans have one goal and that is to try to make Obama look bad at all costs...even if that downgrades our credit again and puts us into another recession.

They honestly think people and historians are that dumb that they will just blame Obama and not the Republican party for this.

You don't think that 17 Trillion Dollars is too much debt??? Really??? Then please tell us all how much national debt would be too much.

reply to post by Wires


And those are not even close to the actual numbers. It is WAY more than what they report.

Wires

AlienScience
reply to post by antar

 

The last time the Republicans played this game with the debt ceiling, our Nations credit rating was downgraded. Not because we have too much debt, but because Republicans were threatening to default on our debt.

You would think they would have learned the first time, but apparently not. Republicans have one goal and that is to try to make Obama look bad at all costs...even if that downgrades our credit again and puts us into another recession.

They honestly think people and historians are that dumb that they will just blame Obama and not the Republican party for this.

You don't think that 17 Trillion Dollars is too much debt??? Really??? Then please tell us all how much national debt would be too much.

It's not really up to me to decide if it is too much or not...it is up to the credit rating companies.

They didn't think it was too much, what they did have a problem with was the fact that the Republicans were threatening to not raise the debt ceiling so that we could make good on payments that we already committed to.

Wires

AlienScience
reply to post by antar

 

The last time the Republicans played this game with the debt ceiling, our Nations credit rating was downgraded. Not because we have too much debt, but because Republicans were threatening to default on our debt.

You would think they would have learned the first time, but apparently not. Republicans have one goal and that is to try to make Obama look bad at all costs...even if that downgrades our credit again and puts us into another recession.

They honestly think people and historians are that dumb that they will just blame Obama and not the Republican party for this.

You don't think that 17 Trillion Dollars is too much debt??? Really??? Then please tell us all how much national debt would be too much.

It's not really up to me to decide if it is too much or not...it is up to the credit rating companies.

They didn't think it was too much, what they did have a problem with was the fact that the Republicans were threatening to not raise the debt ceiling so that we could make good on payments that we already committed to.

reply to post by citizen6511


If Obama care does not pass, they will shut it down. Sounds like a 2 year old who wants his way or he will throw a fit even if what he wants is unrealistic.

greencmp
reply to post by AlienScience

 

Obamacare is law, it isn't going anywhere...they need to get over it and move on. Too much of it has already been implemented for it to go away now without a massive replacement bill. Defunding it is just a childlike way for the Republicans to stamp their feet and cry.

You know what else was law? The 18th amendment. I think we can remove an unconstitutional and unilaterally imposed 'act' in our sleep.

We can also argue that debt incurred by our representatives that is against the best interests of their constituents is also subject to nullification.

For some realistic, tried and true mechanisms, please refer to this:

State Nullification - Peacefully Restoring Our Constitutional Republic

edit on 25-9-2013 by greencmp because: (no reason given)

The SCOTUS already ruled it Constitutional...so good luck with that.

I'm confident in saying that Obamacare is law and it is here to stay for a long time. The most that will be done in the future is amendments to it and/or moving to a single payer system (hopefully). But there is no moving backwards from this point on.

Moodys

"... a debt ceiling impasse & a government shutdown are unlikely to affect the US sovereign rating because the agency is focused on the long-term debt outlook."

reply to post by Wires


www.zerohedge.com...

reply to post by BardingTheBard


Now that is way above most peoples understanding of currency, indebtedness and sovereignty. From what I have read of your posts you have studied reality and the basic's of how we got to where we are today, I would like to read more of your true thoughts on where we are today and where we will be in a few years.

antar
reply to post by citizen6511

 

If Obama care does not pass, they will shut it down. Sounds like a 2 year old who wants his way or he will throw a fit even if what he wants is unrealistic.

It's actually the complete opposite of that.

The Republicans are saying if they don't get their way and defund Obamacare, which has multiple unforeseen consequences, they will shut down the government.

But nice try in attempting to spin this on the Democrats. This is all on the Republicans, because they know they are proposing something that has zero chance of passing. IF, and that is a big IF, by some miracle it actually did pass the Senate, Obama would just veto it.

Republicans are playing games with our economy...but you go ahead and blame the Democrats.

AlienScience

antar
reply to post by citizen6511

 

If Obama care does not pass, they will shut it down. Sounds like a 2 year old who wants his way or he will throw a fit even if what he wants is unrealistic.

It's actually the complete opposite of that.

The Republicans are saying if they don't get their way and defund Obamacare, which has multiple unforeseen consequences, they will shut down the government.

But nice try in attempting to spin this on the Democrats. This is all on the Republicans, because they know they are proposing something that has zero chance of passing. IF, and that is a big IF, by some miracle it actually did pass the Senate, Obama would just veto it.

Republicans are playing games with our economy...but you go ahead and blame the Democrats.

With all the wild binge spending by Democrats since 2007,

It's about time somebody questions the logic.

Democrats have passed more damaging economic legislations than Republicans could ever hope to.

Unless of course you can cite some genuine examples with proof of vote counts, etc.

xuenchen

AlienScience

antar
reply to post by citizen6511

 

If Obama care does not pass, they will shut it down. Sounds like a 2 year old who wants his way or he will throw a fit even if what he wants is unrealistic.

It's actually the complete opposite of that.

The Republicans are saying if they don't get their way and defund Obamacare, which has multiple unforeseen consequences, they will shut down the government.

But nice try in attempting to spin this on the Democrats. This is all on the Republicans, because they know they are proposing something that has zero chance of passing. IF, and that is a big IF, by some miracle it actually did pass the Senate, Obama would just veto it.

Republicans are playing games with our economy...but you go ahead and blame the Democrats.

With all the wild binge spending by Democrats since 2007,

It's about time somebody questions the logic.

Democrats have passed more damaging economic legislations than Republicans could ever hope to.

Unless of course you can cite some genuine examples with proof of vote counts, etc.

Right, that's why we pulled out of the Recession...because Democrats passed bad legislation /sarcasm.

Bush tax cuts contributed mostly to our debt issues today...but sure, blame the Democrats.

AlienScience
The SCOTUS already ruled it Constitutional...so good luck with that.

Not long ago, a racketeering investigation of the Vatican Bank turned up millions of dollars in slush funds for many of our politicians (bushs, clintons, obama, etc), military types and ...... the Chief Justice of the Supreme Court. The same Chief Justice that was predicted to rule against government forcing people to buy a product.

We've been bought and sold.

reply to post by AlienScience


Fail.

You need to cite genuine arguments.

SasquatchHunter
We could demand the Chinese pay us back the $800 billion or so they owe us, and if they still refuse downgrade their credit like they did us. Then they wouldn't be able to buy the American parts they need to make their junk products work.

We could always refuse to pay on all those Swiss and Caribbean accounts that are really just tax havens for American corporations and wealthy individuals.

We could ask foreign nations to forgive our debt like we did them, or simply use the Aid they receive to pay them back.

If the U.S. economy fails so does the rest of the world. Debt ceilings credit ratings, government shutdowns? Political jargon and politics. No panic in the streets no global economic meltdown.

It's the other way arround. The Chinese owns almost 1 trillion of US debt. American parts?? Nope, those parts are made in China as well.
The US needs the world more then the other way arround and sure the world economy will be hit hard but would be better off really without.
She's like a harlot with other nations doing it with her, making her rich but now she's getting older and even needs more money to her even more expensive life style, where she even gets more dangerous to get what she wants with her countless of bodyguards (the army).

That said, I wonder if when the US gov. defaults the credit rating agency's in the US would downgrade the US. I don't think so but if so (no downgrade) other nations would get even more suspisious about her honesty and judgement (where she Judge all but not herself).

But hard to say what will happen with a government shutdown, they will just raise the debt ceiling most likely anyways. If not not sure how fast or how worse things get. The army and banks would be ok, but forget stuff like food stamps and perhaps they will take cash from stuff like retirement money.

BardingTheBard
reply to post by Krazysh0t

 

I agree with you... just want to add this:

Nobody is going further into debt. The debt is a fiction. It's a fraud. For all intents and purposes the sum total debt in the worldwide financial market is $0 because none of the $ existed in the first place.

We are being scammed into believing we are in debt when we aren't. At least not in the way people who treat their finances and business interactions with others honestly mean debt.

We are *told* we are in debt because someone with "official" sounding titles and ultimately access to bigger guns (physical and social) counterfeited some money and gave it to us in exchange for things of actual value.

We can't pay off a $1000 debt when there is $100 in circulation.

edit on 25-9-2013 by BardingTheBard because: (no reason given)

True but, I think the plan is to hyperinflate out of it since the debt is not necessarily inflation adjusted.

Guess who loses out from that deal?

BardingTheBard
Those making this about Republicans/Democrats (regardless of the article content) are part of the problem.

If you're doing it on purpose... ... ... ...

If you aren't... please slow down and just listen for a while about how this debt "we're" supposedly about to "default on" came to be:

edit on 25-9-2013 by BardingTheBard because: (no reason given)

I will kick back and listen later. Thanks for the vid.