US debt default 'by end of month'?

[Tchocky]

I certainly refuse to be paid in paper money.

Everyone knows it's worthless.

I'm so clever.

[Jimbuna]

Gold and diamonds for me if you'd be so kind

[soopaman2]

Am I the only one who thinks the only way this crap will be fixed is by letting it collapse under the strain of its own gluttony?


The American politician is under the misconception that taxpayer money is free and infinite, and they rigged the system to keep us powerless, don't give me your crap about voting, you are just calling heads or tails on a quarter when you vote,....But it is still a quarter, and the entire quarter is warped. We got a rusty hunk of metal. What side of it looks shinier?

I for one welcome a Syria/Libya like thing here, despite the fact uncle sam would strafe protestors with planes just like Assad/Khadafi did, or even better use the media to discredit them, like the Occupy or tea party movements.

[MH]

Originally Posted by soopaman2

Am I the only one who thinks the only way this crap will be fixed is by letting it collapse under the strain of its own gluttony?


The American politician is under the misconception that taxpayer money is free and infinite, and they rigged the system to keep us powerless, don't give me your crap about voting, you are just calling heads or tails on a quarter when you vote,....But it is still a quarter, and the entire quarter is warped. We got a rusty hunk of metal. What side of it looks shinier?

I for one welcome a Syria/Libya like thing here, despite the fact uncle sam would strafe protestors with planes just like Assad/Khadafi did, or even better use the media to discredit them, like the Occupy or tea party movements.

Spending beyond ability has also a lot to do with keeping the asses of the voters cozy becouse god forbid if they don't or do lol.

[soopaman2]

Originally Posted by MH

Spending beyond ability has also a lot to do with keeping the asses of the voters cozy becouse god forbid if they don't or do lol.

Pander to the masses!

Damn the torpedoes! Full speed ahead!

Worked for Admiral Farragut, but such tactics in economy is wreckless and irresponsible.

I am a tax and spend Liberal, and I find what is going on gross and revolting. That says alot.

[u crank]

Originally Posted by soopaman2

I for one welcome a Syria/Libya like thing here, despite the fact uncle sam would strafe protestors with planes just like Assad/Khadafi did, or even better use the media to discredit them, like the Occupy or tea party movements.

The possibility of a successful violent overthrow of a government resulting in better conditions for that country's people is less than zero. In my opinion.

[August]

Originally Posted by u crank

The possibility of a successful violent overthrow of a government resulting in better conditions for that country's people is less than zero. In my opinion.

I wouldn't say zero but the odds are certainly against it.

[Skybird]

Originally Posted by Tchocky

I certainly refuse to be paid in paper money.

Everyone knows it's worthless.

I'm so clever.

You clever guy should meditate a moment about what this idea of a "fractional reserve system" really means, and what it means related to the constant increase of the amount of money in circulation, and the constant devaluation of said money.

But maybe you will not accept to see that until the day the banks remain closed or the zeroes on your banknotes count by the dozens. Maybe then you will refuse to be payed in paper money.

If your worldview can stand that disillusionment then, of course.

LINK: Fractional Reserve Banking

Technically, fractional reserve banking is embezzlement, but it is considered legal now. The bank is insolvent, because it cannot honor its commitments. But unless the customers demand too much money at once – or too many loans fail – it can continue running, without the customers ever noticing that their money was gone. If the bank's customers lose confidence in the chances of the bank's repayment, they can decide, en masse, to cash the deposits in. This loss of confidence, if it spreads from a few to a large number of bank depositors is called a bank run. It is always fatal, because, by the very nature of FRB, the bank cannot honor all of its contracts.

Money created from credit only, that has no real-value representation, is worthless money. People today are under a spell and so think they are rich when owning paper money. That illusion only last until the first player at the table looses his trust and wants to see the cards.

All banks are bankrupt right now. All states are as well. The king is naked. That simple it is.

[MH]

But maybe you will not accept to see that until the day the banks remain closed or the zeroes on your banknotes count by the dozens. Maybe then you will refuse to be payed in paper money.

Ohh well ... then ill be back reality.
Should i vote for it though?

With current population grows and the need of economical growth to sustain decent lifestyle is it possible to return to 19th century system.

[Wolferz]

When they finally get to the point of defaulting on the military payroll, that's when the fur will start to fly. Unfortunately the thieves will be long gone by that time.

[soopaman2]

Originally Posted by Wolferz

When they finally get to the point of defaulting on the military payroll, that's when the fur will start to fly. Unfortunately the thieves will be long gone by that time.

I don't even want to get started on military spending. (edit: that particular subject really chaps my hindquarters)

No we do not need another 30, billion dollar planes we will use in anger 2 times before retiring them.

[Wolferz]

Originally Posted by soopaman2

I don't even want to get started on military spending. (edit: that particular subject really chaps my hindquarters)

No we do not need another 30, billion dollar planes we will use in anger 2 times before retiring them.

It must have been rough for you getting stuck in that Governor endorsed traffic jam.

[Skybird]

Originally Posted by MH

With current population grows and the need of economical growth to sustain decent lifestyle is it possible to return to 19th century system.

A hopelessly confused question. Not one of the several implications you make there, is true.

[soopaman2]

http://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
100 billion dollar bill coming soon.


Why we gave the Federal reserve, a private entity power over the worlds currency is beyond me.... (yes commodities are still priced in dollars, but if we keep printing money it will be in Chinese RMB, due to loss of faith.

This came about after Nixon killed the gold standard.

The fed, and some a-hole *cough* Bernanke, Greenspan* (pardon) who is not held accountable to the american people by vote, or appointing by congress, the Fed is private. I do not understand why the last generation let them rape this country by allowing this change.

Thank you for allowing this, then trying to blame my generation for it.

You all got yours already I suppose....

[Tchocky]

Originally Posted by Skybird

You clever guy should meditate a moment about what this idea of a "fractional reserve system" really means, and what it means related to the constant increase of the amount of money in circulation, and the constant devaluation of said money.

FRB allows the creation of credit beyond what is immediately available in direct funds. It works off the principle that not everyone wants all their money out of the door at the same time. Which has been verified and re-verified over a couple of hundred years. I know exactly what it means.

LINK: Fractional Reserve Banking

Ah here, you wouldn't post creationism links in a geology thread.

For everyone else - https://en.wikipedia.org/wiki/Fracti...eserve_banking

Money created from credit only, that has no real-value representation, is worthless money. People today are under a spell and so think they are rich when owning paper money. That illusion only last until the first player at the table looses his trust and wants to see the cards.

Any currency other than direct barter works on a basis of trust and shared value. That includes gold, silver, stones, old batteries, $/€. After all currency is nothing but delayed barter. It's all worthless unless there's common agreement that it demarcates value.
Money is only a transfer mechanism. It's not like the world would be a better place if everything was constantly backed by a random arbitrary metal as opposed to measured, verifiable economic action.

People are rich when they have paper money. Because it's easily converted into goods and services. They're not living in a dreamworld.

All banks are bankrupt right now. All states are as well. The king is naked. That simple it is.

Yes, the global economy and financial system is just that simple.

A old guy is driving home. His wife calls him and she says "Be careful, there is a lunatic driving on the wrong side of the road, it's on the news."
He replies, "One, there's hundreds!"

http://www.theonion.com/articles/us-...es-money,2912/