What Would Happen If The United States Went Bankrupt ?

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What Would Happen If The United States Went Bankrupt ?

Postby c327 » Sat Feb 04, 2012 4:56 pm

This may be interesting?

Seeing as I have lived the American dream for quite a while (vintage 1941) I have been able see where I was and where I am now and can only guess what a bankruptcy will do to American's.

As the gravy train pulls into the train station I can see many folks wondering around with no place to go and no food to eat. I can see the value of the American dollar going to zero overnight (it's probably half way there already) I vision folks carrying guns if they are lucky enough to have any in order to protect what they have from their neighbors down the street. There will be mass riots in the streets and a total loss of law and order. People not knowing what to do or not being able to deal with the sudden hardships will take their lives probably mostly democrats :D (they were on the gravy train on the way to the promised land).

OK so whats your take on the deal ??????
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Postby Karlsweldt » Sun Feb 05, 2012 10:45 am

Doubtful it will happen. There are contingency plans in place to prevent that.
Not only the United States, going bankrupt, but the entire economy of the world would be at stake! The American Dollar is a base of most economic standards.. and loss of that standard would create worse than a pandemic!
The Federal Reserve (which backs all American currency) has huge reserves of "hard" money.. gold, platinum and silver.. which ensures the value of paper and coin currency.
The true problem is the liberal spending of taxpayer dollars on worthless "pork barrel" projects that benefit a few, costing the majority dearly. Stop the frivolous, wanton spending bills, and see how fast the economy rebounds!!!
The 'Great Depression' time was before my being.. but there are still many seniors that lived through it. Violence was not a great problem, as poverty was wide-spread.. and there was really nothing to "acquire" from theft and violence. Those few citizens that did have secure finances did provide sustenance to the masses.. and were regarded as "saintly".
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Postby fussnfeathers » Sun Feb 05, 2012 1:17 pm

Actually, Karl, the value of all currency is based on the value of the Yen. If/when that crashes, so does most of the free world.
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Postby c327 » Mon Feb 06, 2012 7:10 am

Karlsweldt wrote:Doubtful it will happen. There are contingency plans in place to prevent that.
Not only the United States, going bankrupt, but the entire economy of the world would be at stake! The American Dollar is a base of most economic standards.. and loss of that standard would create worse than a pandemic!
The Federal Reserve (which backs all American currency) has huge reserves of "hard" money.. gold, platinum and silver.. which ensures the value of paper and coin currency.
The true problem is the liberal spending of taxpayer dollars on worthless "pork barrel" projects that benefit a few, costing the majority dearly. Stop the frivolous, wanton spending bills, and see how fast the economy rebounds!!!
The 'Great Depression' time was before my being.. but there are still many seniors that lived through it. Violence was not a great problem, as poverty was wide-spread.. and there was really nothing to "acquire" from theft and violence. Those few citizens that did have secure finances did provide sustenance to the masses.. and were regarded as "saintly".


I have read recently that the United States does not have all the gold or silver to back up all the money they have printed or minted?
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Postby Karlsweldt » Mon Feb 06, 2012 7:32 am

fussnfeathers wrote:Actually, Karl, the value of all currency is based on the value of the Yen. If/when that crashes, so does most of the free world.

Not doubting that, but Japan has suffered a severe blow to its economy from the Tsunami.. shutting down much of its industry. May take years to recover fully.
While one profile lists Japan as having the most stable economy, another lists Japan as only #10 in world gold reserves.
Gold is still the favored standard for cash reserves. When its price goes up, the dollar value of a country may do so also.
US Dollar and other major currency chart:
At present, Greece is on the verge of bankruptcy.. and several financial deals are in review to salvage their economy.
No one country on Earth can claim true "solvency" at this time! If one country were to declare total bankruptcy, it would affect all other countries.
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Postby fussnfeathers » Mon Feb 06, 2012 3:36 pm

No doubt. We're all tied to each other in a massive lend/borrow/give away marathon, and it ain't going to end soon (blame Reaganomics for that one).
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Postby evasive » Tue Feb 07, 2012 1:21 am

We never had Reagan over here and still are in the same tredmill. It's called capitalism...
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Postby cw4cam » Thu Feb 09, 2012 12:24 pm

Instead of Reganomics or capitalism, what we need is some good old COMMUNISM like the soviets had some time back. We would all be paid the same and all have the same kind of stuff. Maybe we could come up with an automobile every one could own like the Zil or Trebant. Our money could be valued at 10% higher than the most valued currency in the world.
Or maybe this wouldn't work?? :roll:
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Postby bdub » Thu Feb 09, 2012 1:14 pm

so you rather to be trickled upon? that is the rights intention, to have the rich hold their member out and reign down on the peons out of the "goodness" of their hearts. oh, blessed are the rich.
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Postby Roach412 » Thu Feb 09, 2012 2:33 pm

you must have rich and poor, lazy and driven. if there's no division between what people want, and what people have then there's no motivation to do anything better than anyone's worst.

sure people villify rich people, some of them truly deserve it. some, are just way more motivated and talented. if they had no incentive (being filthy rich) then would you think they would take the risks they did, and worked as hard as they did to do what they accomplished? yeah, didn't think so.

yeah, it sucks people are rich and are d**ks about it, but saying everyone should be treated the same and given all the same is simply a gross oversimplification.

i believe in incentivization, rather than punishment. when my state passed a smoking ban i was actually against it - i wanted them to provide benefits to adopters and people willing to do something different/better for others. rather, now we just punish people for running their business and lives their own way. without incentives, everything is essentially a punishment. think of work - if you didn't get paid for your efforts, what's the difference between that and prison labor? you get free food and housing, but it's identical across the board, that guy that does nothing gets the same as somebody busting their butt. screw that. i'll work harder than somebody else and would expect more freedoms or benefits for doing so. such is some people's drive to be better. without that incentive, what's the point?

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