View Poll Results: Should the USA File Bankruptcy?

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    5 18.52%
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    17 62.96%
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Thread: Ron Paul: We Should File Bankruptcy

  1. #11
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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by RStringfield View Post
    LOL

    Why? The result would be the same (a worthless dollar) and we would have to expend more effort. Much simpler to just declare bankruptcy than it is to kill trees for the same result.
    May be but the that way the Chinese won't take California for pennies on the dollar (you know what happens in the case of bankruptcy, right? ). If a gallon of gas costs $1000, the US debt will vanish. Well, it will wipe out all savings but most Americans don't have much savings anyway and live on credit. So I've herd.
    Remember the Weimar republic?

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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by Baralis View Post
    It has been some time since I read it but I read a comprehensive article about the benefits of the US filing bankruptcy. While it has it negative the article made it not sound as crazy as it may seem.

    In short,
    if we filed we could eliminate all debt ( or simply refuse to make payment ). This is debt that we will never pay off anyway so its not like they are losing as much as we owe due to the bankruptcy, there never gonna get it all not matter what. In turn we go back to a gold backed standard and reissue new currency. This would help ensure the value of our dollar in potential future trade agreements.
    This is misleading. The indivdiual bond holder will get all of his money back. The collective bondholders will never be paid off and they do not need to be paid off. The government borrows from Peter to pay Paul. Paul does get paid. Peter will get paid later from money borrowed from.... uhhh.... Mary. Dust in the wind....

    We would also lose much of our imports do to the bankruptcy. This while bad short term could actually have a very positive outcome. We would once again manufacture most of our goods and not be losing hundreds of billions a year in trade deficits.

    It would also help to insure that countries would be hesitant to loan us money. This would help keep the government spending in check. No more blank check for government spending.


    While Im sure it would be bad short term I could see it having the potential to benefit us in the long run. We have been living beyond our means for decades. Its about time we correct this.
    In reference to my emphasis... The problem is that this would then keep the value of the dollar low, which would mean Americans would have far less purchasing power and most of our imports would never return.

    Defaulting on our debt would likely be catastrophic in the short term. I doubt the union would survive. However, Paul did not propose anything of the kind.

  3. #13
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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by Baralis View Post
    It has been some time since I read it but I read a comprehensive article about the benefits of the US filing bankruptcy. While it has it negative the article made it not sound as crazy as it may seem.

    In short,
    if we filed we could eliminate all debt ( or simply refuse to make payment ). This is debt that we will never pay off anyway so its not like they are losing as much as we owe due to the bankruptcy, there never gonna get it all not matter what. In turn we go back to a gold backed standard and reissue new currency. This would help ensure the value of our dollar in potential future trade agreements.

    We would also lose much of our imports do to the bankruptcy. This while bad short term could actually have a very positive outcome. We would once again manufacture most of our goods and not be losing hundreds of billions a year in trade deficits.

    It would also help to insure that countries would be hesitant to loan us money. This would help keep the government spending in check. No more blank check for government spending.

    While Im sure it would be bad short term I could see it having the potential to benefit us in the long run. We have been living beyond our means for decades. Its about time we correct this.
    And everyone would lose their retirement funds when the markets collapse and the Great Depression would look like a Golden Age in comparison when a gallon of milk would cost upwards of $10,000 due to massive inflation.

    You are aware of how negatively the world markets responded to the suggestion that a tiny nation like Greece may default. Imagine if the richest country in the world did that. It would be ruinous - not just here, but worldwide.

  4. #14
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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by FilmFestGuy View Post
    And everyone would lose their retirement funds when the markets collapse and the Great Depression would look like a Golden Age in comparison when a gallon of milk would cost upwards of $10,000 due to massive inflation.

    You are aware of how negatively the world markets responded to the suggestion that a tiny nation like Greece may default. Imagine if the richest country in the world did that. It would be ruinous - not just here, but worldwide.
    One major difference. If we had a commodity backed currency we would not have the inflation and unlike greece we can back our currentcy.

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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by Canell View Post
    May be but the that way the Chinese won't take California for pennies on the dollar (you know what happens in the case of bankruptcy, right? ). If a gallon of gas costs $1000, the US debt will vanish. Well, it will wipe out all savings but most Americans don't have much savings anyway and live on credit. So I've herd.
    Remember the Wiemar republic?

    Defaulting would not allow them to take any part of California. In fact, they are only able to buy land from American landowners because we honor the debt.

    I don't think you know what happens in case of bankruptcy. What happens, is the dollar becomes monopoly money.

    Inflating our way out of it leaves the dollar with some value, but not much. A landowner may or may not be willing to take it based on his understanding of its value. But every American would get a crash course in what money actually is.
    Last edited by BayToBay; 07-02-11 at 06:10 PM.

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    Re: Ron Paul: We Should File Bankruptcy

    My vote is for doing what Paul actually suggested rather than doing what the misleading poll question suggests.

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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by RStringfield View Post
    I don't think you know what happens in case of bankruptcy.
    Usually the creditors take some of the debtor's assets. But politics is tricky, I don't know how that would turn out to be.

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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by Canell View Post
    Usually the creditors take some of the debtor's assets. But politics is tricky, I don't know how that would turn out to be.
    LOL...

    Bankruptcy for a country is not like bankruptcy for you and me. We declare bankruptcy within a framework of legal protections for both debtor and creditor. The courts force us to give up some of our assets and in return our creditors promise not to shoot us. No such framework exists for nations. If the US declares bankruptcy, we are bascially telling our creditors to go to hell. They can try to get it back and the likely reaction would be to send them some of the missiles we bought with their money.

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    Re: Ron Paul: We Should File Bankruptcy

    A tip for the lefties. Ron Paul aint Michelle Bachmann.

  10. #20
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    Re: Ron Paul: We Should File Bankruptcy

    Quote Originally Posted by BDBoop View Post
    NO. Because we will be right back where we started, plus in the future there might be some emergency and we will need to borrow money. We need to make some serious cuts to our spending and pay our debts. If you lost your job you would not continue to have Cable or Satalite TV with two or three hundred channels, you do not continue to buy name brand products, you do not continue to eat out in fancy restaurants, you would not continue to buy expensive coffee at Starbucks or Java Daves when you can buy a can of Foldgers and make it at home much cheaper, and you would do anything else to cut spending or reduce costs. Yet somehow the government thinks it is acceptable to do this.
    Last edited by jamesrage; 07-02-11 at 11:11 PM.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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