Steve G.

What Would Happen?

In Constitutional Rights, Corruption, Economics, Fraud, Nanny State, Politics, US Government on September 27, 2008 at 11:45 pm

What would happen if the United States assumed so much debt, it could no longer function?  Would we be free at last or would we be taken over by another country?

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  1. Neither. Next question.

  2. What is the price of tea in china?

  3. The current price of tea in China is $1.88 per gram for black tea.

    In the constitution, as amended, “the validity of the public debt of the United States shall never be questioned,” just as the debt of the Confederacy may not ever be paid.

  4. Dollar simply gets devalued to the point of banana-republicland and we have a depression and a new currency.

    Better questions: What would happen if we retired:

    A) all secured debts;
    B) all unsecured debts;
    C) both?

  5. “Shall not be questioned” only means if it is valid or not. This clause indicates it is valid. It says nothing about whether it can be retired or defaulted.

  6. It’s like the alien invasion scifi adventures. I have gotten to cheering for the off planet types. Let them take over. We have done badly with what we were given.

    I live 10K north of TJ. At one time I would have grabbed rocks and ended my existence fighting off the invading People’s Liberation Army. Now I would order Chinese take out and print out directions to the San Diego Zoo [‘s Panda Exhibit]! Let em take over. May be they will do a better job than we.

  7. The gov. can just print the money to pay off the debt. That is what they’ve been doing for years.

  8. Yes, in the short term, this expenditure will be monetized. It’s also possible that the expenditure will be recouped in the intermediate to long term IF the housing market recovers.

    I oppose the intervention, but it seems off point to not acknowledge that the market could recover.

  9. Shall never be questioned, it says, amending the exemption on what Congress may say on the floor of the House or Senate. They are not allowed to question the validity of the public debt there or anywhere.

    You don’t have to like debt slavery. But you have it.

  10. GE – they can print money. But the 1792 Mint Act says that the penalty for doing so is death.

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