Our buddy butt neckid suggested we all come up with 5 things to cut the deficit and fix our economy and Boortz posted a thread full of them.
My suggestion (purely facetious at the time) was to default on our foreign debt. No, didn't really think anyone would consider that.
HOWEVER, now some nations are doing just that.
Soverign Defaults
If this keeps up, you can bet the US will selectively default.
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6 comments:
well it's not the first time.....
as a sage of the innernet once't said.......
WE' SKREWED!!!
I want to ax a kwestion.......if you borrow money from the local mafia loan shark and don't pay they send LUIGI LEGABRAKA....
who are the chinee gunna send??????
THAT is a very good question! I hope we have sense enough to only default on those we can "beat up". hahaha
Technically we are defaulting on the debt. We inflate our money supply to make our dollar worth less. This in effect makes the debt instruments the Chinese or whomever hold worth less as well.
Good point Tim! And I can see the powers that be deliberately causing inflation to use crappy dollars.
Expect another dip, if it is not starting to happen. Notice that the market is faltering (for the past four weeks) after running up for almost 12 months.
Taxes have to go up because he will not stop growing the government and growing the deficit.
How are those home prices going? How about those foreclosures? How many people are underwater on the mortgages?
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