tag:blogger.com,1999:blog-27697009.post8563571605944148439..comments2024-02-29T03:21:35.007-08:00Comments on The Great Depression of 2006 : The National Debt DisconnectJim in San Marcoshttp://www.blogger.com/profile/09435296419912935381noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-27697009.post-20701913225746831202013-10-20T15:02:51.658-07:002013-10-20T15:02:51.658-07:00Hi AIM
Your right, real people go to jail for pul...Hi AIM<br /><br />Your right, real people go to jail for pulling that stuff, just ask Bernie Madoff.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-17922338463851316862013-10-20T06:45:57.788-07:002013-10-20T06:45:57.788-07:00@ Joseph Oppenheim said
Krugman, is that you?@ Joseph Oppenheim said<br /><br />Krugman, is that you?Franco Bollohttps://www.blogger.com/profile/10284254316900738715noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-50112170167762552972013-10-20T03:19:51.801-07:002013-10-20T03:19:51.801-07:00What would you think of a person or household that...What would you think of a person or household that behaved like this government? A government that has to print money to pay the interest on its debt? That has to keep raising the debt limit in order to continue to borrow, spend and pay down debt? That never pays principle down? That currently spends 1 trillion more than it takes in annually, and growing? That has a 17 trillion dollar debt that can never be paid back? That is bloated and corrupt and wastes and overspends? Whose main premises are warfare and welfare? Whose GDP and unemployment has not improved after trillions of dollars of stimulus and ineffective monetary and fiscal policies? Whose tax revenues are dropping? Whose being downgraded by rating agencies? Whose partner countries are starting to use gold, and their own currencies for international trade and oil purchase? Whose rule of law is gone (NY criminal banks and multi-national corporations have broken the law and destroyed the US economy and have never been prosecuted)? <br /><br />You know a person or household with this type of behaviour is not long for this world.<br /><br />End of story.AIMnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-56412705442607517872013-10-18T22:10:39.818-07:002013-10-18T22:10:39.818-07:00Hi Anon 1:16
You could mint the trillion dollar c...Hi Anon 1:16<br /><br />You could mint the trillion dollar coin, but the problem is real. Everyone could quit their jobs and the government could print dollars for all of us, so we could go to the stores and buy stuff. At some point, you run out of things to buy, because nobody is working to produce them.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-34176255600759599402013-10-18T13:16:47.947-07:002013-10-18T13:16:47.947-07:00Joseph's comment intrigues me, specifically wh...Joseph's comment intrigues me, specifically when he mentioned this:<br /><br />"1. A trillion dollar coin can be minted by the US treasury to pay off a trillion dollars of debt. More, if needed further into the future."<br /><br />That seems plausible, but would there be unintended consequences if we paid off our debt like this?<br /><br />A 1 trillion dollar coin ... it would be a debased coin I would think, because how much metal and of what type would you require to make a coin actually worth 1 trillion dollars? Probably we would need to somehow harness a precious metals asteroid into low Earth orbit for that :P<br /><br />So ... it would actually need to be a debased coin. By that I mean: debased = the coin says 1 trillion dollars on it, but the metal is not worth 1 trillion.<br /><br />So what then is the difference between making a 1 trillion dollar debased coin, or just making a 1 trillion dollar piece of paper that does the same thing for cheaper?<br /><br />Maybe the coin thing could fool international players ... and maybe it could fool Americans too, but it is still functionally equivalent to money printing if it is a debased coin.<br /><br />And in the end, it still increases the money supply.<br /><br />That could crash the dollar too just as surely as our inept Congresscritters could ... though Congress can indeed crash us faster if they want.<br /><br />Thoughts?Mojo the Mellownoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-83338598964917436592013-10-15T23:47:32.614-07:002013-10-15T23:47:32.614-07:00currencies are relative!!! If you are the one stin...currencies are relative!!! If you are the one stinks least, you win! whether that is fair or not, who cares, the u.s. owns the world.<br /><br />if you believe that dollars are risky to hold, sell them and convert it to euros, or maybe gold. but regardless, the other 99% needs currency to buy everyday necessities. <br /><br />economics is not fair, the economy is both book-smart and street-smart, and finally if you are Tony Soprano, who is going to collect from you?????who?<br />whatever we owe and whatever happens, this wrestler, the u.s., will end up on top, recognize reality.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-27169456078350552562013-10-15T12:02:45.676-07:002013-10-15T12:02:45.676-07:00Sorry, that's not true for the US, at least fo...Sorry, that's not true for the US, at least for now. <br /><br />1. A trillion dollar coin can be minted by the US treasury to pay off a trillion dollars of debt. More, if needed further into the future.<br /><br />2. The dollar is still a reserve currency. We can print money, as needed by the world. Don't forget the official currency of some other countries is the US dollar, like Panama, Ecuador and many others. And, is used as the defacto currency by many other nations. Plus, is used in international transactions, like to price oil worldwide.<br /><br />Further, it is intentionally meant to depreciate over time, so it will not be hoarded and will be used for investment in assets which can appreciate and increase the wealth of people and nations. Plus, also to avoid hoarding and to be spent, to increase the GDP and US revenues....in bot cases that is what is known as the multiplier effect. People buy bottles of beer at a bar, bars create jobs, their income buys beers at other bars, etc, companies are formed to brew, bottle, and distribute beer, jobs being created, etc, etc.<br /><br />That said, there are a lot of obstructionists in Congress (voted into office by lots of obstructionist Americans) who actually want to crash the US and world economies and therefore trash the dollar. So, could happen.Joseph Oppenheimhttps://www.blogger.com/profile/09037175611181710409noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-76810202634601232652013-10-15T06:31:09.345-07:002013-10-15T06:31:09.345-07:00There's not much we can be sure of except that...There's not much we can be sure of except that all fiat currencies end at zero. When might that be? I haven't the first idea.deariemenoreply@blogger.com