Digits wanted!

[Letum]

Originally Posted by SimNut

What really bugs me is they're adding two digits.

Many Americans think of credit as cash. If they have $5,000 in credit limit available on a card, they think of it like having $5k in the bank.

I just hope the members of congress don't look at the extra digits as money in the bank available to spend.

Well, all thats needed for debt to have real value is for everyone to think it does.
If the bank thinks it will get payments on the debt and the party that received the
loan thinks the money it has received has some real value, then everyone is happy.
The bank can count the debt promise as an asset and the party that received the
loan has cash in hand. Value has been created from nothing.

So long as all the banks believe the debt promise has value and all the parties
that received the loans believe the money they have is worth something, debt
is a good thing. Essential for the economy as it is.

Weather this is a good state of affairs or not is another matter.

[Wolfehunter]

I love how they call it public debt....:hmm: I didn't know you guys are all responsible for this?

Bad citizens you all are.:rotfl:

The irony.

[Letum]

Originally Posted by Mikhayl

That's the first time during this crisis that someone shows some foresight

pffft :rotfl:

[Hylander_1314]

Originally Posted by Wolfehunter

I love how they call it public debt....:hmm: I didn't know you guys are all responsible for this?

Bad citizens you all are.:rotfl:

The irony.

Well, you see the "income tax" is what is used to pay the interest on the "public debt". It has been admitted by congressmen is the past. I know many folks think their tax dollars go to paying for things like roads and education and all these wonderful things. But public roads and hiways are paid for with the tax collected on every gallon of gasoline sold. That's just an example. But as long as congress pays the interest on the principle it owes, the Federal Reserve gives them an unlimited ammount of credit.

I find it infuriating that it is called "public debt" when the public has no say on what that debt is accumulated from. And as long as the American People continue to agree to pay this interest on the debt that their elected officials have an unlimited credit card to spend on, it will never get reduced. It will only increase. This is far from what the Founding Fathers had envisioned for the American People. And if I were the parasite receiving the interest on the debt, I would do nothing to stop the lending or slow it. As it would make me the actual ruler of the nation, as I would control it's monetary system. That's why it's business as usual in DC anymore. Reguardless of who is elected.

And education. For the most part it is paid for with property taxes, and local and state sales taxes. And when it comes to the 16th Ammendment, the Supreme Court, the highest court in the land has stated that this ammendment did "not" give congress any new taxing power. Not just once, but there are at least 6 or 7 references to this by the court, that I can think of right off.

So it's more accurate to say, bad slaves, not bad citizens. Power corrupts men, and absolute power corrupts absolutely.

This is a good one: http://video.google.com/videoplay?do...80303867390173