Re: America The Bankrupt

On Aug 6, 3:35 pm, "Sid9" <s...@xxxxxxxxxxxxx> wrote:
Foobar wrote:
On Aug 5, 12:28 am, Perseid <eidp...@xxxxxxxxxxxxxxxxxxxxx> wrote:
After Much Chewing of Cud and Cogitation, Watcher
<netp...@xxxxxxxxx> Spat the Words

In article <1186190812.172410.84...@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
Raymond <Bluerhy...@xxxxxxx> wrote:

America The Bankrupt
snip
The ship of state is on a disastrous course, There's no way to
avoid the worst result of racking up a big deficit - the outrage
of making our children and grandchildren repay the debts of their
elders
snip
But there's no way to avoid what Rogers considers the worst result
of racking up a big deficit - the outrage of making our children
and grandchildren repay the debts of their elders.
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NOT SO. The U.S. has the goods; the Chinese, Japanese, U.K. et
al,
hold the debt. In due course, Bush and Co. will simply print
enough
hundred-dollar bills to pay off the "debt"; and then "buy them back"
for two cents onthe dollar; or just invalidate the currency and
issue "new" currency. So how would the creditors collect? THEY
WOULDN'T.

Nobody would ever lend money to the US again. You should read more
before spouting nonsense like this. The US defaulting on it's
obligations would be the very last thing the USA as a country ever
did.

THEY BECOME THE NEW "BANKRUPTS", SINCE THEIR EVIDENCE OF DEBT IS
WORTHLESS. "Breachof trust?" Of course. But when did that ever
stop
the Bushies?
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Nobody would ever lend money to the US again. You should read more
before spouting nonsense like this. The US defaulting on it's
obligations would be the very last thing the USA as a country ever
did.

WWI and WWII were primarily financed by whom?
Germany repaid what exactly?
Japan repaid what exactly?
The amount of the US deficit is owned by whom?

Wrong word. You should replace "deficit" with "debt"

China owns a lot of our debt.
Japan owns a lot of our debt.

I own a small part of our debt....thank
you for the generous interest payments
I receive (paid for with your tax money)

PS...We paid for those wars by taxing ourselves.

bush,jr, unlike his father, is running
his war with NO plan for paying for it- Hide quoted text -

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Wrong word. You should replace "deficit" with "debt"

Yes, thanks. Debt is the correct word.

http://en.wikipedia.org/wiki/United_States_public_debt

The United States public debt, commonly called the national debt,
gross federal debt or U.S. government debt, is the amount of money
owed by the United States federal government to creditors who hold
U.S. Debt Instruments. As of the end of 2006, the total U.S. federal
public debt was $4.9 trillion. This does not include the money owed by
states, corporations, or individuals, nor does it include the money
owed to Social Security beneficiaries in the future. If
intragovernment debt obligations are included, the debt figure rises
to $8.7 trillion. If unfunded future obligations are added (i.e.
Medicare and Social Security) this figure rises dramatically to a
total of $59.1 Trillion [1]. In 2005 the public debt was 64.7% of GDP.
According to the CIA's World Factbook, this meant that the U.S. public
debt was the 35th largest in the world by percentage of GDP.[2] [3]

It is important to differentiate between public debt and external
debt. The former is the amount owed by the government to its
creditors, whether they are nationals or foreigners. The latter is the
debt of all sectors of the economy (public and private), owed to
foreigners. In the U.S., foreign ownership of the public debt is a
significant part of the nation's external debt (see also below). The
Bureau of the Public Debt, a division of the United States Treasury
Department, calculates the amount of money owed by the national
government on a daily basis.

.

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