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Country debt taken away

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posted on Nov, 17 2004 @ 05:35 PM
This sounds like a silly question but it aint impossible:

What would happen if all the debt from every country got removed so that no country will need to pay another country again? Im just talking about the history of debt. What happens if we started fresh and new without debt after this? (have i confused you)

How would this change the rich and poor division?

How would this change the economy?

Is it a good idea?

Would it be the end to capitalism?

Would it actually stay the same and just bring countries to a same standard as each other?

posted on Nov, 17 2004 @ 06:47 PM
It would bankrupt just about everything.

Think about it - every Bank, every credit card company would go out of buisness in 1 moment because their entire buisness is debt.

Then every buisness wouldn't be able to collect the money it is owed. I guess that would be somewhat counteracted by them not owing banks, but still.

Think the great depression, then make it a WHOLE lot worse.

posted on Nov, 17 2004 @ 06:50 PM
If the USA Nationalized every foreign bank account we would be at quite a surplus I assume. The time has come why don't we just do it.

posted on Nov, 18 2004 @ 11:07 AM
if it ever did happen, i think we would reach communism, lol

posted on Nov, 18 2004 @ 11:15 AM
The president and his people dont seem to worried about the national debt. Over the next 4 years we can expect even bigger defecits unless there is a huge change of policies. It doesnt matter, the USofA is the lone super power so its like anyone is going to force us to pay up.

posted on Nov, 18 2004 @ 11:26 PM
Everytime Bush gives the wealthy a tax break, the Saudis loan us money.
Everytime Bush starts a new war, we borrow from China or other easter countries.
Everytime Bush gives corporations a tax break, an Island country forks over some dough....
Wait, Island country, WTF, ...(thinking).. oh, all that money big corps have been stuffing away tax free in to the Caymans, they are loaning it back to us for interest!

We have only one chance left, make it right with the rest of the world and role back the tax breaks or it's going to cost your kids 40% tax rates for decades to pay it down. We don't have the kind of resources to increase the total GDP enough to out run the deficit.

posted on Nov, 19 2004 @ 03:23 PM
How about just decrease spending?

Also cmon Cajun don't say "roll back the tax cuts" like Kerry said.

Say it like a man! "we want to raise the taxes!"

posted on Nov, 19 2004 @ 10:07 PM
As long as we dont go to communism. Its called M1 I believe if the US took everything it had, complete assets, and divide it among every american, and we'd all have $96,000 bucks a peice. Id rather have a government a couple trillion in debt then just $96,000.

posted on Nov, 19 2004 @ 10:25 PM
YAY! Eliminate all debt so 'someone' can start a-new blowing up 'terrorists' world wide!!!! Good idea.

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