When we went over GDP...we hit that mark.

LAST OCTOBER!!!!

DrMaddVibe wrote:

My opinion on this is that we will not go bankrupt. When we get to a Greece level of debt then we'll manipulate our currency and devalue it, then we will clear our debt with devalued currency. inflation will be high, but at least we won't default. Simple economic fix that can be devastating if policies allow us to get there. But as far as default, we're the largest economy, we are the country to big to fail.

raymallen wrote:

Keep drinking that koolaid.

Rome thought it was to big to fail
Egypt thought it was to big to fail
Persia thought it was to big to fail
etc etc etc

engletl wrote:

We're in a new age brother, the argument doesn't fly anymore. The only people that depended on the Roman economy at that time were the Romans, the entire world runs on our economy now. You think China would let us go under? by the way the U.S. owns almost half of it's own debt, you think we will let ourselves go under?

raymallen wrote:

When does bread start costing 100 dollars a loaf?

DrMaddVibe wrote:

Ahem, when you monetize the debt and let a criminal enterprise like the Federal Reserve control the Treasury Department you get what we have now.

When does bread start costing 100 dollars a loaf?

DrMaddVibe wrote:

I'm just responding to the question "when will we fail", I did not answer on behalf of how I feel about it ethically.

raymallen wrote:

A week before I start importing bread from France instead of oil from Saudi!

HockeyDad wrote:

Likewise.

Unlike you though I see it for what it is, not some rainbow, lollypop and unicorn daydream.

"Too big to fail"? Now where did I hear that before? Yeah...that didn't work out. It put us DEEPER in debt.

We've already defaulted. We CANNOT pay the debt off. WAKE UP!

DrMaddVibe wrote:

We already defaulted? DrMaddvibe your logic takes this conversation no where haha. By the way that bailout that didn't work out, kept us from financial collapse, if you want to take a historical example that is still relevant, read about the late 20's and early 30's and what lack government interventions did. I'm a fairly conservative person, but I understand there is a role of government. I believe in the free market, and our low interest rates on our 10 yr bonds still prove a lack of risk in our debt, showing we are not even close to default.

raymallen wrote:

Yes, we did already default. We will not be able to pay back the debt. Haha. SCOREBOARD! WTF? There is no win in this game.

I've already stated on this board a fabulous book...

http://www.amazon.com/The-New-Empire-Debt-Financial/dp/0470483261/ref=sr_1_1?ie=UTF8&qid=1334693251&sr=8-1 

I don't know what world you live in where a nation makes very little for itself and is in debt as high as we are to GDP ratio and "wins". Spending is out of control...military needs to take a haircut across the board. Close the bases in Germany, Korea, Okinawa...those wars are OVER. Bring the boys home from the deserts too. What a waste that was.

There is NO WAY you can be conservative and think for one second that it's government's role to bail out losers and pick winners. GM would've been better served to go through the bankruptcy protection laws and become lean and mean but it's back to it's old tricks. The financial institutions? The govt. held a gun to their heads and told them that people with no jobs...no income were supposed to realize the American Dream and Fannie and Freddie were going to prop it all up. How's that role in govt. working now?

The only thing I find amusing in the post is that you're burying your head in the sand with a Pollyanna attitude that everything is A-OK. Its not. Please don't lecture me about the 20's and 30's either. The private sector bailed itself out and did it quicker without all the shell and ponzi schemes the govt. runs. Conservative my ass!

DrMaddVibe wrote: