Do you support defaulting on the Federal debt?

[Anarchist420]

If you don't like the plan as follows, tell me why:

abolish income tax, default on the Federal debt, balance the budget by slashing expenditures, abolish the Fed, and reinstate the Subtreasury system/Jackson's Specie Circular, have people trade in their FRNs for specie, and destroy the FRNs or return them to the Fed. Private debts can be whatever people want them to be, but Federal government must accept only hard money. Prices would go down, so SS wouldn't be an issue as long as we means tested.

Also the states should prohibit Fractional Reserve Banking.

If Federal revenue is compulsory, then it should come from non-protectionist tariffs and excises only and be collected by the states and then submitted to the Federal government.

Federal revenues can be 1.5T from tariffs and excise taxes.

The creditors have no right to take from taxpayers who did not consent to having a federal debt. Further, they'd never lend to the Federal govt again if we defautled, right?

Of course, I think how it's going to work out is perpetual debt+tax increases or default+hyperinflation. Obama and Congress won't allow Jacksonian economic policies Damn it!

 

[MomentsofSanity]

If you don't like the plan as follows, tell me why:

abolish income tax, default on the Federal debt, balance the budget by slashing expenditures, abolish the Fed, and reinstate the Subtreasury system/Jackson's Specie Circular, have people trade in their FRNs for specie, and destroy the FRNs or return them to the Fed. Private debts can be whatever people want them to be, but Federal government must accept only hard money. Prices would go down, so SS wouldn't be an issue as long as we means tested.

Also the states should prohibit Fractional Reserve Banking.

If Federal revenue is compulsory, then it should come from non-protectionist tariffs and excises only and be collected by the states and then submitted to the Federal government.

Federal revenues can be 1.5T from tariffs and excise taxes.

The creditors have no right to take from taxpayers who did not consent to having a federal debt. Further, they'd never lend to the Federal govt again if we defautled, right?

Of course, I think how it's going to work out is perpetual debt+tax increases or default+hyperinflation. Obama and Congress won't allow Jacksonian economic policies Damn it!

You really don't even have a basic understanding of anything you post about do you? The dollar would collapse, markets crash, inflation would be a nightmare, no credit for anyone (great for the job market once companies close up)...

The list goes on and on. Seriously just do us all a favor and stop posting.

 

[Hayabusa Rider]

You really don't even have a basic understanding of anything you post about do you? The dollar would collapse, markets crash, inflation would be a nightmare, no credit for anyone (great for the job market once companies close up)...

The list goes on and on. Seriously just do us all a favor and stop posting.

Well we could always hire Tyler Durden.

 

[YoungGun21]

If you don't like the plan as follows, tell me why:

abolish income tax, default on the Federal debt, balance the budget by slashing expenditures, abolish the Fed, and reinstate the Subtreasury system/Jackson's Specie Circular, have people trade in their FRNs for specie, and destroy the FRNs or return them to the Fed. Private debts can be whatever people want them to be, but Federal government must accept only hard money. Prices would go down, so SS wouldn't be an issue as long as we means tested.

Also the states should prohibit Fractional Reserve Banking.

If Federal revenue is compulsory, then it should come from non-protectionist tariffs and excises only and be collected by the states and then submitted to the Federal government.

Federal revenues can be 1.5T from tariffs and excise taxes.

The creditors have no right to take from taxpayers who did not consent to having a federal debt. Further, they'd never lend to the Federal govt again if we defautled, right?

Of course, I think how it's going to work out is perpetual debt+tax increases or default+hyperinflation. Obama and Congress won't allow Jacksonian economic policies Damn it!

You went through all of that and then at the end of the post admitted that default would lead to hyperinflation?

What a waste of time.

 

[Vette73]

 

[Anarchist420]

You went through all of that and then at the end of the post admitted that default would lead to hyperinflation?

What a waste of time.

No, I asked about what people thought about my idea, then at the end I said my plan would not be likely to happen, and that if we defaulted, hyperinflation would happen, because the Specie Circular would not be reinstated.

 

[Anarchist420]

You really don't even have a basic understanding of anything you post about do you? The dollar would collapse, markets crash, inflation would be a nightmare, no credit for anyone (great for the job market once companies close up)...

The list goes on and on. Seriously just do us all a favor and stop posting.

Um, how would the dollar collapse if we reinstated Jackson's specie circular?

 

[Anarchist420]

You really don't even have a basic understanding of anything you post about do you? The dollar would collapse, markets crash, inflation would be a nightmare, no credit for anyone (great for the job market once companies close up)...

The list goes on and on. Seriously just do us all a favor and stop posting.

So you're not going to answer my question?

 

[piasabird]

All federal bonds and T-bills would become worthless.
Probably all SS payments would stop
All aid to women with children would stop
All unemployment payments would stop
Interest rate on unsecured debt would increase
All credit cards would become worthless
All your money at the bank would not be guaranteed by Govt.
All Savings bonds would become worthless

 

[Capt Caveman]

I'm guessing any thread is allowed to be created in P&N.

Personally, I love pie.

edit - laughing at people that actually respond seriously to the OP.

 

[CycloWizard]

You really don't even have a basic understanding of anything you post about do you? The dollar would collapse, markets crash, inflation would be a nightmare, no credit for anyone (great for the job market once companies close up)...

The list goes on and on. Seriously just do us all a favor and stop posting.

Those are all short-term problems. The current situation is not. We have a structural deficit holding us up. How long until it collapses under its own weight? Then what? I'm not advocating the OP's ideas, but the bottom line is that serious change is needed and no one seems willing to admit any ideas that might actually help.

 

[Anarchist420]

All federal bonds and T-bills would become worthless.
Probably all SS payments would stop
All aid to women with children would stop
All unemployment payments would stop
Interest rate on unsecured debt would increase
All credit cards would become worthless
All your money at the bank would not be guaranteed by Govt.
All Savings bonds would become worthless

SS payments wouldn't have to stop completely, and the currency would be strengthened anyway if Jackson's specie circular and the Subtreasury system was reinstated. Correct me if I'm wrong though.

The government could raise the reserve ratio to 100%. And then, people could transfer their FRNs into precious metals.

Interest rates on private debts would increase, you're certainly right about that. But people shouldn't be living outside of their means.

 

[Matt1970]

My foot fell asleep.

 

[wuliheron]

My foot fell asleep.

Don't scratch it.

 

[Tom]

Most of the debt is owed to us.

 

[ultimatebob]

On the flip side... how would the world go about collecting on the federal debt if we decided to default on it?

It's not like China could send Vinny and Guido to Obama's front door and threaten to break his legs... We're still the world's largest superpower.... "pay us or else" type threats aren't going to work.

 

[Theb]

My foot fell asleep.

I was at the dentist the other day and both of my legs fell asleep in the chair. I didn't notice until I stood up. I almost fell down.

 

[JEDIYoda]

No, I asked about what people thought about my idea, then at the end I said my plan would not be likely to happen, and that if we defaulted, hyperinflation would happen, because the Specie Circular would not be reinstated.


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Dude...since when did Anand hire you to be our Village Troll???
Village idoit is taken by...who was that dude who had a total melt down..lol