I DONT THINK MOST PEOPLE REALIZE THAT THE FEDERAL RESERVE PRINTS OUR MONEY AND THE FEDERAL RESERVE IS NOT A GOVERNMENT AGENCY. THE FEDERAL RESERVE IS A PRIVATE BANK THAT EARNS 46 CENTS IN INTEREST FOR EVERY DOLLAR THEY PRINT. WHAT THE U.S. NEEDS TO DO IS TO GET RID OF THE FEDERAL RESERVE AND HAVE OUR TREASURY DEPT. PRINT THE MONEY AS NEEDED AND THEN THE U.S. CANT GO INTO DEBT.
This video is internally misleading , it's the catastrophic consequences of the debt ceiling that should be understood, not who did what & when, it doesn't matter if your a donkey elephant monkey or giraffe, because when the interest payments on the debt consumes most or all of the Gross domestic product "GDP" just to pay the interest on the debt, it;s a ticking time bomb that soon will explode and when it does we will lose "everything" including all of our freedoms.
@QWERTY34990 Here's one that will blow your mind. The Federal Reserve can legally buy every T-Bill ever made (all our $15T debt) all proceeds and interest payments got to the US Treasury, by Law. Mmm, the interest will be revenue--free money, baby!
When a nation experiences a bubble pop of such magnatude like our Housing/Wall St crisis (aka a "Balance-sheet Recession") with so much personal and financial wealth lost, the Gov't can prevent a major depression by spending like mad!
@Dave2170 continued. 1929: one year of GDP lost; Japan 1990 real estate bubble: 3 years of GDP lost. Both took years of Gov't debt and spending to recover.
Lots of folks (like me) are underwater with what they didn't walk away from and many banks have zombie assets that aren't worth spit on their books still. If the Fed and State Gov'ts start major cuts to spending, Unemployment goes up and a downward economic spiral will result in many more years of economic pain and misery.
Let's all just give every country trillions of dollars. There's no universal definition of money, so why can't we just say for now that a pebble is worth trillions of dollars? Then we can start over all fresh, then gradually slip into this mega mind-fuck again.
Fuck it, I've had enough. I'm moving to Canada and not coming back till they figure shit out. I have better things to do than put up with idiotic politicians, and better yet, the idiots that vote them into power.
Lol, wow all i see is our side, there side conversations with you people. This is exactly what they want from the people. A divided nation can not fix or overthrow the government that's imploding America.
I believe this is one reason why George Washington told us "However [political parties] may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion." in his farewell speech. he also says stuff about expenses.
The government needs to borrow just one more trillion dollars, and then go and give one million people one million dollars. That'll really jump start our economy. Most wouldn't deserve it, but a fool and his money are soon parted.
How come we never hear our politicians say "Hey, we are going after the $106 billion in uncollected income taxes? Or Hey, There is over $213 billion in waste and fraud in government agencies. Lets go after this before we ask MORE tax dollars from the same 5% that are paying 70% now.
@wsoxman Because, my dumb Reichwinger freind, even IF its 106 billion in uncollecteds, it would meet HUGE resistance: from traitors like the KKKonservatives & RepuKKKeliKKKan'ts (="racist and we got no skills")
So, you want LESS govt, but you'd support more govt tax collecting? Make up your mind!
This is why repubes are completely NUTS: They don't wanna pay taxes, and when govt is broke, they go like: Why don't you get my taxes. Oh the tax that you illegally HIDE from the IRS you mean?
@TheSteelGeneraI Can you read PUNK? Where do I support more taxes??????????? My guess is you are part of the 51% that pays no income tax and sucks the tit of the government.
Its people like you that over look facts like this government can't even get the people who owe taxes to pay up. Are one of them?
@wsoxman Can YOU read BAGGER? Where do I SAY you support more taxes??? No way I'd expect anything so SANE from you! Your mocking of the govt inability to collect taxes implies that you think they should do a better job. So, while you're apparently against increasing the tax rate or kinds of taxes, you support more tax collecting. This is inconsistent.
What is needed to be a better taxcollector, (which you support) is ... more TAXES! To better equip the IRS.
What many posters fail to understand is the fact that raising the debt ceiling is to pay debt already incurred, not future spending. Default brings credit rating downgrade to boot, so all personal loan interest rates will increase and so will the interest rates on the money the government will continue to borrow anyway. Spending cuts will be eaten up in higher interest rates. Once you begin to feel the pain personally, you will understand why the debt ceiling has to be raised.
I don't totally understand it but this is what I think: The Iraq war put the US in alot of debt, the health care sys is overpriced, food is getting expensive, and college tuition has risen every semester until I graduated, I guess to help bring money to the govt (May, 2011 yeah). It doesn't help that America sell jobs over seas including businesses (Budweiser) I believe we need to start manufacturating our own products that would bring in jobs. Start taxing the wealthy who pay the rich.
@Thorbi1983 -The bailouts went to many of the banks that have shares in the Reserve...what more to say? If they wanna play hardball then fine...declare the Reserve notes void and unbinding...issue a new currency thats pegged on gold. Write a balanced budget amendment-place a defense budget on a voluntary tax basis to ensure any wars in the future are justified by it's taxpayers. Everyone is a renter in this world, atleast make a currency where you can back it.
I don't get it. US taxes have lowered in the 90ties, and spending has increased. There's also quite a few loopholes that let people avoid tax. Why don't they restore the tax levels to clinton levels and fix all the loopholes? that should ensure a sizable income. The US can't think that they can continiously fix other people's problems and ensure their own security by waging wars and then expect not to pay for it.
It must be nice to be a Democrat. You can just suggest Boehner wants to push your grandmother's wheel chair off of a cliff and you don't have to give a fuck about the debt. I just don't understand why Boehner would be stupid enough to take the bait and propose cuts to social security and medicare. Go with the McConnell plan because it finally forces Obama to say what he will cut.
@jasonfkg It must be nice to be a repub. you can just foam "wasteful spending" at the mouth, completely deny the 10 Trillion Bush wasted on killing brown people overseas (which turned NO profit for the American people) and go about your ways.
Repubes are racists and traitors, longing back for the good old days of ..... feudalism!
@TheSteelGeneraI So would you guys have liked to gut the military then? Because Obama took us into Libya and he'll need the troops for that. That's why I really don't get what kind of card the Democrats feel like playing with the war spending. You are the party who gave us Vietnam, allowed Korea to last way too long, got us into the Chinese Civil War, took us into Somalia as if that could possibly ever work, and took us on a misadventure into the Balkans for no apparent reason. J'accuse.
@jasonfkg Learn your history, moron. It was EISENHOWER who took us to Vietnam! And eeer ... I'm sorry, didn't you support all this? Then stop whining, moron. Dems aren't necessarily against wars, we're against DUMB wars gought cos your baby daddy bush was kicked out Iraq! And the intervention on the Balkans (the ONLY selfless war) is STILL a huge succes. We got them out, and successfully gave it to the EU.
French, eh? YOU STINKING ELITIST!!
I love it how RepuKKKeliKKKants completely twist facts.
@TheSteelGeneraI No, you're twisting the facts. LBJ increased troops in Vietnam from 2000 to 16500 in three years. Then the Democrats in Congress blocked Ford's efforts to aid the South from being destroyed by the Vietcong after Nixon ended the war with honor. Had they have listened to Ford, the South would have remained free. In other words, you escalated the war and then refused to let us win. Wars should also be for SELFISH reasons, as in Iraq and Iran, not Libya and Somalia.
As long as the Republicans insist on having a near trillion dollar annual Defense budget, they have no credibility on deficits and debt. The Defense budget is outrageous and is helping to collapse the U.S. economy. The Defense budget has more than tripled since the late 1990's. And yet, everyone is always silent on it. The Chinese are laughing all the way to the bank.
The American people want to go to the poles with 4 choices to solve the debt ceiling issue as they are supposable arguing over what we want. For the first time, figure out what the American people really want with transparency and change politics in Washington over night.
1. Rebublican plan 2. Democratic Plan 3. Raise taxes to old levels / close loop holes 4. none of the above. When are we going to go back to what the people want. Our founding fathers would be a appalled.
Congress should just value the dollar at a billionth of it's value and then pay the debt, then a month later target the dollar as one hundred dollars to a gram of gold. You have a right to owe nobody as specified in article one of the Constitution. Debt is only as valid as the law...and no where do i see where the Congress cannot revalue the dollar for a limited time. Down with the reserve banks! Take back your freedom and call your district representative.
If in August we don't have enough money to pay all the debts, then we need to cut spending. Start with oblama care, Iraq, Afghanistan, Libia, Failed Social Programs, ESCR, Paying for ILLEGAL ALIENS, Foreign Aid, Congressional Salaries/Staff, and much, much more.
I suggest we hold Mr. Obama to a promise he broke (one of many) when he was running for President - have this debate broadcast on C-SPAN, so that the American people can see what is involved and can see what facts/truth are being presented and where those facts/truth are coming from.
Let's stop with the easy verbal attacks being made by our all-knowing representatives in Washington, DC - claims that they don't have to back up.
Everyone: Don't LISTEN to what politicians say !!!
You cant blame this on any politician it's us!!! Our wants are never ceasing, and our classism has us sending jobs over seas, when we don't invest back into ourselves by providing affordable education for everybody, Old people older Americans who are to greedy!!! Wanting tax cuts and all are the ones at fault, the world you have left for future generations is a disaster
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The debt ceiling WILL be raised. All this back-and-forth between the two political parties is theatrics at best. JPMorgan Chase, and other larger firms who own the financial system are already warning Republicans and fiscal-Conservative Democrats about these firms pulling campaign financing if they -- the Conservatives -- don't acquiesce. Many Americans think its all conspiracy theories, but our nation, and the treasury in particular, are owned by multi-national investment firms.
@Sam78Man It is worse than that. They will try to screw the American people (especially the elderly and vulnerable) in an attempt to make their political opponents look bad.
"When you subsidize poverty and failure, you get more of both." - James Dale Davidson, National Taxpayers Union
It would be political suicide for Obama to refuse to mail SS checks. Everyone knows that is not necessary. The Republicans took over Congress by campaigning on the promise not to raise the debt ceiling and not to raise taxes. Congress has a mandate from the American people. It is sheer insanity for Obama to continue this fight.
@roncram This has been a good debate. We'll have to agree to disagree on some stuff. I'll let you and the rest of the conservatives (and that one racist ) hammer out where the money for all the mandatory spending is gonna come from...I thought you were into entitlement reform....
Thanks for standing up for your principles. I enjoyed it.
@roncram Btw. Obama has a mandate too. He seems to at least want to move towards more balanced budgets w cuts & taxes. If you don't buy my #s, find some better ones. You want to slash 2 million jobs for 2 millionaires who haven't created 1 job in 10 years? Explain it. Cut spending, cut taxes, cut jobs, cut benefits, cut & paste snippets from your own echo chamber. It's all talk. There's nothing there. Don't bring a "balanced budget amendment" to a balanced budget fight. Bring a balanced budget.
@lukeandally No, Obama does not have a mandate. A mandate is based on campaign promises. About one-third of House members campaigned on refusing to increase taxes and refusing to increase the debt ceiling. That is a large voting block. Many other Republicans have since joined the position. Obama, on the other hand, campaigned as a moderate. He did not promise to increase federal employees, force ObamaCare down our throats or give away money to Democrat bankers on Wall Street.
@roncram Barack Obama - 67 million votes. Campaign promises "kept, comprimise, or in the works:" 387/500*. Federal workforce = no promise. "Univeral" healthcare = promise kept*. Wall Street regulatory reform = promise kept*. (The Bank Bailout was signed on Oct 3, 2008 by George W. Bush.)
All freshman House Republicans combined - 45 million votes. Make Bush tax cuts permanent = in the works*. Refuse to increase debt ceiling = no promise.
@lukeandally But you are ignoring the fact that most Obama voters now feel betrayed. Obama ran as a moderate. He promised no tax increases, but Obama is now admitting ObamaCare is a tax on the middle class. Obama promised "no lurch to the left" when he took office, but within months of his inauguration Time magazine ran a cover story "We are all socialists now!" The moderates and independents who elected Obama now are his sworn enemies. They elected the Republicans to defeat his agenda.
@roncram Talk, talk, talk, no facts. "Everyone knows" that you don't know much about the debt, like that 32% of the principal is in Intra-Governmental Holdings like the ones that accrue every time SS borrows from its trust fund, or that 45% of net interest comes from IGH, & 45 is more than 32. "Everybody knows" that nobody knows how a default would affect SS payouts bc they multiply net interest payments as they become a greater share of the principal. Did you know we have to pay interest?
@lukeandally Of course interest has to be paid. That's the point. A default on SS payments would be political suicide for Obama because it he would be looking to hurt vulnerable people in an attempt to score political points - an effort which is certain to backfire. Everyone knows SS default is not necessary. Everyone! Obama has to cut ObamaCare, federal employees and entitlements before the Republicans will agree to any increase in the debt ceiling.
@roncram Who is "everyone?" Name one objective, credible person who "knows SS default is not necessary." People who really understand this stuff can't even agree the SSTF is "real," let alone what it's worth. Whatever it is, it's in non-marketable bonds "guaranteed" by future revenue, which looks like either an accounting trick, or just glorified debt...Nobody knows! Assigning Obama political motives & telling him your hostage demands is NOT an explanation; it's a bad excuse. Who is "everyone?"
@lukeandally Unlike the federal govt, the law requires state governments to pass a balanced budget. Negotiating the budget on a state level is very similar to negotiating an increase to the debt ceiling. On the state level, sometimes a balanced budget is not passed within the required time frame. What do states do when they have to operate without a budget? They have to make choices. All non-essential state employees are furloughed without pay, that kind of thing. Obama has choices.
One word for Obama's lying when he said there is "no guarantee" that social security checks will go out on August 2nd: pathetic. "Social Security has a trust fund," Forbes magazine points out, "and that trust fund is supposed to have $2.6 trillion in it, according to the... trustees." (A fact verified by President Obama's own budget director). "If there are real assets in the trust fund, then Social Security can mail the checks, regardless of what Congress does about the debt limit."
Mr. Obama needs to tell the truth and stop the fear mongering.
The Bipartisan Policy Center reported:
The BPC study projects there will be $172 billion in federal revenues in August and $307 billion in authorized expenditures. That means there's enough money to pay for, say, interest on the debt ($29 billion), Social Security ($49.2 billion), Medicare and Medicaid ($50 billion), active duty troop pay ($2.9 billion), veterans affairs programs ($2.9 billion), with about $39 billion left.
We also need to cut defense spending. We have to end the wars in Iraq and Afghanistan and bring our men home. We should not fire the soldiers and sailors though. As John F Kennedy once said "We dare not tempt our enemies with weakness." But we will save a lot of money if they are not fighting. The weaker our economy gets under Obama, the greater the risk some country will attack us.
In addition to cutting the number of federal employees drastically, we also have to cut entitlements, The best way is to raise the age people become eligible. If you turn 65 in 2011, you get Medicare and SS. If you turn 65 in 2012, you have to wait to 2013 as the age goes to 66. If you turn 66 in 2014, you have to wait to 2015 as the age goes to 67. If you turn 67 in 2016, you have to wait to 2017 (new age 68) and so on until you reach 70. People are living longer - it's the only way.
Raise taxes on the rich, put a big fax tax increase on them to increase Fed revenue. End all wars that are costing the USA billions to fund annually. Take out a well chunk of the ASTONISHING 700 BILLION$ MILITARY BUDGET! Legalize weed for recreational use and put a big fat tax on it to increase fed revenue. Then scout to Cut spending in areas that'll save the Fed a shit load of cash and layoff few.(looking at welfare and programs that help illegal immigrants). AND STOP INFLATION!
would the troops prefer to stay in a war or come home and get rejected for a job at McDonalds?.............theres no jobs and inflations on the way with QE3, =bad news.
Obama is the one who asked for the budget the previous Congress passed. The voters rejected that Congress and installed a Congress committed to not increase the debt ceiling. In no way does that invalidate the previously issued US bonds. Obama needs to reduce spending immediately. He will not get want he wants without cutting the federal government. I suggest firing every federal employee hired within the last six years as a start. We need to cut spending by $1.7 trillion per year.
@roncram The budget was passed in April (of 2011). It's the same Congress. The only thing that's changed is that Kathy Hochul was elected to the New York 26th Congressional District in a special election in May. It's a Republican district. She's a Democrat.
Look. I'll raise you. Let's abolish the entire Executive Branch. Including the Department of Defense. That'll save us $1.3 trillion a year. What else would you like to cut to get to your 1.7?
@lukeandally I would be willing to raise the debt ceiling if Obama got serious about cutting the deficit without raising taxes. Raising taxes will kill the economy. Obama is not going to get a deal unless he cuts government spending. Google "john stossel I can balance the budget" and read what Stossel wrote. We have a $15 trillion debt. We have to run a $500 billion surplus for 30 years to pay off the debt. The last time we had a balanced budget, we had a Republican Congress.
@roncram I most certainly will not google John Stossel. The WH put $2.4 trillion in spending + 98% of the Bush tax cuts on the table. Republicans chose the 2%. Why doesn't everybody get "serious?" Explain how balanced budgets turned into structural deficits. That 2% luxury will cost this country $3.1 trillion over 10 years. It produced no jobs, & it helped cause the Great Recession. You want to put 2 million more people out of work for that? That's your idea of an economy? I would say drop dead.
@lukeandally Well, if you won't google john stossel, I cannot help you get informed. Some people prefer being uninformed. A Republican Congress is able to control spending. Bush was a terrible president who grew the government like a Democrat. He did have a recession and two foreign wars to deal with, but he grew domestic spending like crazy. The Democrats took over Congress in 2006 and the budget deficit grew from $200 billion under Bush to $1.7 trillion under Obama and Dem Congress.
@roncram You know what? Let me help you out. The reasons that Bill Clinton's $2.3 trillion projected surplus turned into a $14.3 trillion debt from 2001 to 2011 are, in order: 2 recessions (28%), defense spending increases (15%), the Bush 2001 & 2003 tax cuts (13%), interest on the debt (11%), non-defense spending (10%), other tax cuts (8%), the Obama stimulus (6%), Medicare Part D (2%), other "technical reasons" (7%). These are what they call the "Drivers of the Debt". Just FYI. [Pew Trusts]
@lukeandally We have a $15 trillion federal debt now. We have to run a $500 billion surplus for 30 years to pay it off. The Pew Trusts are not reliable. For example, the tax cuts actually increase federal revenue because they stimulate the economy, which is why John F Kennedy proposed back in 1963. Search youtube for the Kennedy tax cut proposal. I do agree the recession and wars were expensive because they affected a number of years. On a yearly analysis Obama has been catastrophic!
@roncram So Pew Charitable Trusts (the non-partisan, non-profit, historically conservative think tank) is not reliable, but I should google John Stossel...No can do, buddy.
There's no conclusive, compelling, or consistent evidence that tax cuts alone have any stimulative economic effect. The Bush tax cuts had none.
Tax cuts do not increase federal revenue. That statement is beneath you.
@lukeandally You are wrong about this Congress passing the 2011 budget. The 2011 budget runs from Oct 2010 to Sep 2011. This Congress was sworn in this year. They are currently negotiating the 2012 budget. Voters put these Republicans in charge of Congress because they do not like what Obama has done. Increasing the annual deficit from $200 billion to $1.7 trillion is a frontal attack on the American economy.
@roncram This Congress convened on January 3rd, 2011. The FY11 budget passed on April 15th, 2011. The process was delayed by the threatened government shutdown (remember that?) through pieces of legislation called 'continuing resolutions.' It did not track the traditional fiscal year.
I know one thing - we're at $14 trillion dollars and cannot continue to put ourselves deeper in debt.
I strongly suggest you believe NOTHING coming out of Washington DC - be it from Democrats or Republicans. Those in government are simply concerned with:
1) getting re-elected
2) increasing their power
3) becoming wealthy at any cost
Translating the above, our Government at all levels has become totally corrupt.
Find an objective 3rd party source for the truth and the facts.
The 14th Amendment "Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."
If Obama defaults, he is choosing to pay federal employees over US bonds. This choice is not allowed by the Constitution. If he defaults, it is an impeachable offense.
@roncram You're exactly wrong. The 1st things to go are the Civil Service Retirement Fund, the Federal Employees Retirement System, the State & Local Govt Series & the emergency reserve fund. That's bond $ for 8 weeks. The 14th Amendment takes from CONGRESS the "vain discretion" to "pledge the credit of the United States" by "valid enactment" and then "repudiate its own engagements" bc "a later Congress finds their fulfillment inconvenient." (Perry v. US,1935). You've got it all backwards.
@lukeandally Wrong. Perry v US states "11. Section 4 of the Fourteenth Amendment, declaring that "The validity of the public debt of the United States, authorized by law, . . . shall not be questioned," is confirmatory of a fundamental principle, applying as well to bonds issued after, as to those issued before, the adoption of the Amendment, and the expression "validity of the public debt " embraces whatever concerns the integrity of the public obligations. P. 294 U. S. 354."
@roncram The court found for the president in Perry...The "validity" of the debt is established by "valid enactment." Congress validly enacted the FY11 budget bill by passing it into law. The President cannot meet the obligations "authorized by law" in that Act of Congress under the debt ceiling that Congress set. The 14th Amendment was ratified after the Civil War to prevent specifically this kind of entrapment, and the Supreme Court so found in a visciously worded ruling. (P.294, US, 331-350)
It's time to let the govt know that we aren't in on this debt. They borrowed from the Feds without our collusion. Tell China to get it from Rothchild!!!!! He like 500 trillion bucks or more. We were never cut in on the profits so piss up a rope now when the bet went south!!! Nobody ever asked me if I wanted in or out. Fuck em.. Quit paying your taxes people. Max your credit cards out too. Stiff your mortgage stop paying on that car. Let's see what 1 against 99 can do?
@gunzt3rkenfu92 What is China going to do if we say fuck you?? Are they going to send the sheriff to evict us? LOL.. I don't ever remember signing a promossory note to any foreign country nor to my country either btw. Do you have a copy of some contract?
You asked a question and I answered it, no need to be a standoffish dick about it.
Defaulting on debts as large as these would mean noone will invest in the USA and doing trade with the USA would be dangerous. It would lead to massive cutbacks, food shoratges, riots, no jobs, and since so many own a gun, large amounts of violence and self policing communites.
The USA thrives on the belief by other nations that it always pays it's debts, so in other words shit will hit the fan.
@gunzt3rkenfu92 Unreasonable response. Nobody is going to lend us any more mney anyway fool. Invest? Is that what you call what China has done? Thay have alreadt=y decided to not deal in dolars anymore or haven'tyou heard. How much of this 14 trillion are you willing to payback dummie? And did you receive your fair share? Don';t make me laugh. Go fuck the American flag somemore, You haven't been fucked enough apparently.. Bring on the revolution.
From your obvious lack of understanding and your childish personal insults I can tell you're a complete idiot. People like you are the reason things like these happen, you don't understand even a little yet you are extremely vocal about it. You're the equivalent of the tea party.
You clearly don't appreciate the severity of defaulting on these debts. Have you seen what Detroit looks like? Type into the search bar, that will be the USA if they default.
@gunzt3rkenfu92 ooH.. If I don'y asgree to be a slave to f=debt that I never borrowed or spent I'm going to be destined to live in a Detroit like world. OOOh you scared me my man..LOL.. Where did you learn your sales pitch btw? From That nigger illegal president of ours? Didn't he just threaten to cut off senior citizens already supposedely paid for SS checks if the Jews debt ceoing isn't raised? yet he gave trillions to the fat cats . Fuck you moron..
On the contrary, a failure to raise the debt ceiling would almost certainly NOT result in default. Interest on the debt is about 6% of the budget. If we can issue no more debt then rather than spending 3.5 trillion of which 1.4 is new debt then we'd spend around 2.1 trillion. Interest on the debt is under 200 billion a year. The constitution requires (14th amendment) that you pay interest on the debt first. They could then spend 1.9 trillion however they see fit.
@steevmoor According to May 18, 2011 treasury dept monthly statement, 9.6 trillion in debt held by public and 4.2 in intragovernmental debt. The markets would react badly to a default on either but we will simply not default. You use revenues to pay interest on both debts and then use remaining revenues to fund everything else. Revenues are currently ten times what you need to service the debt.
@DrTodd13 What is at stake is the Government's reputation to uphold its commitments. That's what the markets base their confidence in the Government on. If payrolls for military / Government employees / Social Security / Medicare / etc. fail, the market sees that as a default because the people in the market say "if there is no payment to employees today, there will be no payment to US for bonds tomorrow." We overspend by nearly 200 Billion dollars a month. We will default on something.
@steevmoor So, you're saying that if the government says that they will pay bondholders first regardless of how much that hurts US citizens that bondholders will lose confidence? Do you see how prima facie that statement is ridiculous? It simply does not follow that not paying social security means not paying bonds tomorrow. What hurts the situation is the president equating no debt ceiling increase with a default. He creates the uncertainty by implying bondholders don't have top priority.
a congressmen said about the 08 crissis "it would mean the end of our economic and political system as we know it". like the one we have is worth anything now!! let it fall and see where the chips fall. dont raise it..
That congressman was an idiot. Republicans are willing to let our financial ship sink, so billionaires don't have to sacrifice like they demand the poor and middle class to do. Warren Buffet is an exception. He has publically said that he can afford a tax raise and so can rich other rich ceos. and moguls. If it isn't raised, the US will default on our loans. Interest rates will go through the roof. It's time for the Republicans to compromise and stop being assholes.
Thank you for this video. The "journalist" today are all working for someone else. They have failed to inform the people. Thanks YouTube. This is where I get my real information. I agree with so many other posts. Mainstream media is a puppet that is not controlled by the public. Neither does it work for the common good. Thanks again and don't stop posting. People like me depend on you.
If you also think about it, since our country is not based upon physical production anymore, we cant really pay it off as is via trade. Also, we create the most technology in the world and guess what happens, we sell it to countries like Japan and a few years later they are charging us right back for everything they sell, ( They make it cheaper and sell it back higher), ergo making us virtually useless financially. (e.g.) - Did you know America doesn't even make television sets anymore? :(
@seth364 You're right that our huge trade deficit is a drag on our economy, but what you're really talking about is our GDP, which is the amount of marketable stuff we make in a year. You're right that we don't produce enough, but our debt is "only" 98% of our GDP#. Japan's is like 225%! They're not exactly a model of excellence either. Our problem is that we increase spending AND reduce tax revenue every single year. The "structural budget deficit" is what drives our debt. It's real real dumb.
I've seen that graph in my math class. It's called an inflection point. I think we should keep raising the debt until we reach the inflection point. I mean, fuck it's an infleciton point, something cool has to happen.
The debt ceiling will have to be raised. The Constitution does not allow the U.S. government to default on its debts:
14th Amendment, Section 4: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, SHALL NOT BE QUESTIONED.
The babyboomers have paid into Social Security in a surplus. LBJ started borrowing money from the surplus because he didn't want to pay for the Vietnam War. Every Congress and President since has borrowed the surplus funds. Before they tell us Social Security is broke, they need to repay all the money borrowed in full. Then let them find a way to pay for all these wars the Military Industrial Complex insist on the USA paying for. We cannot afford to police the world.
@midclassunions That's impossible, all the money owed to Social Security is many tens of Trillions of Dollars. The baby boomers kicked the can forward and now it can no longer be kicked.
Prepare for the Greatest Depression, this one will be far worse than the last.
There is nothing to negotiate... you cannot spend yourself to a balance budget...
You cannot print money enough to get to a balanced budget and think you can just tax the newly printed dollars to increase revenue to pay off the debt...
My Keynes Hayek: The Clash That Defined Modern Economics is published in October by W.W.Norton. Read an extract at: sites.google.com/site/wapshottkeyneshayek/
We should group up a bunch of INTJ's and fix the world code geass style. Lol. (Retreating from killing our selves and other people obviously. Just kill the worlds debt and money system.)
@wishmolly Now for your Second Paragraph. I said "China is one of the most capitalist societies". This implies that no countries are 100% anything, but China is closest. Your fairy tale of everyone working hard for an equal share is wrong. It's a big, IF everyone works hard. Why would they? It wouldn't make them any better off. It turns into a race of who can do the least work instead. So everyone owns just as much, and we'd all own less and less. Altruism doesn't exist at this level.
@wishmolly You are very correct and thank you for the Poli Sci 101 lesson. I was comparing economic systems, not forms of gov't. Read it again, I never mentioned democracy, socialism, monarchs or even republics. Just capitialsim, communism, and corporatism. All of which are economic systems and have little to do with the forms of gov't.
This is so dishonest its not funny. Thieves and robbers are called investors. OMG sooo funny. The formation of the united states was to get away from the crown and money manipulators running a massive pyramid scheme and playing everyone. In 1913 the US opened the gate and invited them in. Theyre still there to this day. On that day the US stopped being a great nation.
Congress isn't bipartisan, it's bipolar. The USA is up past its neck in debt. What will these rocket scientists do about it? Why, borrow more, of course. Yeah, that will fix things. These morons wouldn't know fiscal responsibility if it banged them all night long.
Our money system is designed to create debt, to function of debt. There are also many poor countries with huge depts. We have exploited our planet because of capitalist profit desires. Check out my video "capitalism destroys - here is the proof" . We have found a way to stop this abuse at equalmoney . org with an equal money system.
This is not capitalism... At least not according to the "Wealth of Nations". I find China to be one of the most capitalist societies in the world right now, and they are classified as communist. Make up some other word for it, but it is not capitalism. I'll suggest this is corporatism, although I did not coin the phrase. Please don't compare this with capitalism because people will want to move toward a USSR model.
@mckeonjt : doesnt matter what the name is, our entire system globally has to change. To a system that honors life, does not function on profit and debt and places life on nr 1.
@SpamAnn I agree the system needs to change, but what exactly do you think it should function on? I think it should go back to functioning on profits and losses rather than earmarks and bailouts.
I can't get a clear idea of what your trying to say. It sounds very fuzzy and/or broad to me. Paint a picture with finer strokes for me. P.S. it's a lesson
@mckeonjt : no not function on profit as what happens currently, but to be established on a basic principe of "doing what is best for all to our best ability". Which means a total redesign. Things wont be based on profit, so no brainwashing tv that keeps people numb and blind, no dumbing down of the population to make them good consumers, no more crime because one is born poor or gets shaped by their poor environment etc... visit equal money website, discuss with us. Youll get a clear idea
@SpamAnn You remind me of myself years ago. I agree with you that the top 1% are more concerned with putting up competition barriers than working hard at creating jobs. That is a big/Gianormous problem. The whole dumbing people down is the people's own fault. Poverty in itself doesn't create crime, poverty without opportunity creates it. I know this personally. I think we're a lot alike with simiilar goals for society. We are at a fork in the road on most issues, but we have the same destination
@mckeonjt : time to get on one road and sort this mess out. Things have to change and unless we who can work on it, nothing will. And that is what we are doing, and anyone intrested can join our forums and website and read and find out for themselves.
This is fascinating - so we are basically looking at whether to further inflate and borrow money that can NEVER be repaid in order to maintain a system that constantly requires debt and people losing their livelihoods and becoming further dependent on this system, or facing the fact that the whole system is broken and go into a financial ruin that will effect the world.
i for one am sick of this charade. its time for REAL reform. Investigate the Equal Money System !!
In time all countries in the world will be self sufficient and will have their own tax revenue so that they will not be dependent on the bigger nations for a hand out
In ten years the capital payments of 10 % will pay back the original money and the return of 10% per year will pay down the deficit by 25trillion in ten years which will give a surplus the
To lend 100 trillion to the world we need the model depicted in al-memani banking windows in which we can multiply 25 trillion real money x four banking windows which will give a liquidity of 100 trillion which is 10% return on capital invested if lent at 2.5% in each banking window
With this peace the military budget will decrease and the us will get out of the deficit faster and will be able to resettle it's populations all over the world thus reducing it's budget defit further
BAHAHAHA!!
The cartoon of Obama is classic!
deathbyzza420 2 weeks ago
Im selling risk. Golden chance people. 1000 per opt. You could see returns of up to 100%.
2012goingNutz 1 month ago
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I DONT THINK MOST PEOPLE REALIZE THAT THE FEDERAL RESERVE PRINTS OUR MONEY AND THE FEDERAL RESERVE IS NOT A GOVERNMENT AGENCY. THE FEDERAL RESERVE IS A PRIVATE BANK THAT EARNS 46 CENTS IN INTEREST FOR EVERY DOLLAR THEY PRINT. WHAT THE U.S. NEEDS TO DO IS TO GET RID OF THE FEDERAL RESERVE AND HAVE OUR TREASURY DEPT. PRINT THE MONEY AS NEEDED AND THEN THE U.S. CANT GO INTO DEBT.
stjohnsmanor 1 month ago
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Ron Paul 2012!
He stands against draconian bills like SOPA, NDAA and the Patriot Act.
Less government spending, less taxation to American Citizens, and a budget plan that works.
This man has been fighting for your personal freedom and the separation of congress from big business for years.
He has fought against the war on drugs, foreign wars, the federal reserve, nation building, and corporate bail outs.
Vote for liberty this year. Vote for real change.
Thumb up and spread the message!
RapsAlive 1 month ago
This video is internally misleading , it's the catastrophic consequences of the debt ceiling that should be understood, not who did what & when, it doesn't matter if your a donkey elephant monkey or giraffe, because when the interest payments on the debt consumes most or all of the Gross domestic product "GDP" just to pay the interest on the debt, it;s a ticking time bomb that soon will explode and when it does we will lose "everything" including all of our freedoms.
QWERTY34990 3 months ago
@QWERTY34990 Here's one that will blow your mind. The Federal Reserve can legally buy every T-Bill ever made (all our $15T debt) all proceeds and interest payments got to the US Treasury, by Law. Mmm, the interest will be revenue--free money, baby!
When a nation experiences a bubble pop of such magnatude like our Housing/Wall St crisis (aka a "Balance-sheet Recession") with so much personal and financial wealth lost, the Gov't can prevent a major depression by spending like mad!
Dave2170 1 month ago
@Dave2170 continued. 1929: one year of GDP lost; Japan 1990 real estate bubble: 3 years of GDP lost. Both took years of Gov't debt and spending to recover.
Lots of folks (like me) are underwater with what they didn't walk away from and many banks have zombie assets that aren't worth spit on their books still. If the Fed and State Gov'ts start major cuts to spending, Unemployment goes up and a downward economic spiral will result in many more years of economic pain and misery.
Dave2170 1 month ago
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QWERTY34990 3 months ago
Let's all just give every country trillions of dollars. There's no universal definition of money, so why can't we just say for now that a pebble is worth trillions of dollars? Then we can start over all fresh, then gradually slip into this mega mind-fuck again.
SonicADProductions 6 months ago
except that... ben bernanke and the rest of the goons planned this to happen.
Migueria 6 months ago
we need to raise taxes
nvgoodboby 6 months ago
I love Democracy!!! USA! USA! USA! USA!
BeagSim10 6 months ago
Fuck it, I've had enough. I'm moving to Canada and not coming back till they figure shit out. I have better things to do than put up with idiotic politicians, and better yet, the idiots that vote them into power.
rahmanroni 6 months ago
@rahmanroni you can't afford to move to canada you knuckle-headed basement-dweller!
MjoelH 6 months ago
Lol, wow all i see is our side, there side conversations with you people. This is exactly what they want from the people. A divided nation can not fix or overthrow the government that's imploding America.
TheIcehogsfan 6 months ago
the debt ceiling is like a time bomb for USA government if they dont fix it then there whole economy and world power will collapse....
silver007bullet 6 months ago
Just blame Canada. xD
HeyImSiim 6 months ago
I believe this is one reason why George Washington told us "However [political parties] may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion." in his farewell speech. he also says stuff about expenses.
bob2149 6 months ago
Canada has never sounded better.
appreviewer5 6 months ago 75
@appreviewer5 It has always been better...people have just started noticing it now though...:P
stushi96 6 months ago
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appreviewer5 6 months ago
obama lied again /watch?v=dXo5WBcpS9U
tattoome5150 6 months ago
the donkeys and elephants are so cute xD
jessicalilac 6 months ago 27
If you really want to know why the government does what it does. Debt ceiling or otherwise, there is a good article on it here:
knowwhatitis . org /Chapter_1_Origins
williambonniemusic 6 months ago
Typical black man, trying to "raise the roof".
MrGrevy 6 months ago
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Ron Paul 2012
gweb214 6 months ago
I say let the chinese claim their new land..if the Americans think they can play with the world economy I have much much more faith in the chinese..
gre68 7 months ago
kill more muslims, y will be in more Debt!
termilane 7 months ago
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@TheSteelGeneraI: Ur not really the Chinese government r u?
theStyleWithin 5 hours ago
@theStyleWithin yes, of course I am. Please, apply more Bush-Cheney economics to your country, remember you were so happy then!
TheSteelGeneraI 7 months ago
The fact that here, loads of poor whites support giving EVEN more money to rich, shows how fucked up the right wing really is.
For what? So they can "create jobs"?
HA HA HA,
One, the purpose of ANY business is to REDUCE the number of jobs, because THAT makes them MORE profitable
Two, what LITTLE jobs they DO create, they create in .... CHINA!
TheSteelGeneraI 7 months ago
The government needs to borrow just one more trillion dollars, and then go and give one million people one million dollars. That'll really jump start our economy. Most wouldn't deserve it, but a fool and his money are soon parted.
cdoftx 7 months ago
How come we never hear our politicians say "Hey, we are going after the $106 billion in uncollected income taxes? Or Hey, There is over $213 billion in waste and fraud in government agencies. Lets go after this before we ask MORE tax dollars from the same 5% that are paying 70% now.
wsoxman 7 months ago
@wsoxman Because, my dumb Reichwinger freind, even IF its 106 billion in uncollecteds, it would meet HUGE resistance: from traitors like the KKKonservatives & RepuKKKeliKKKan'ts (="racist and we got no skills")
So, you want LESS govt, but you'd support more govt tax collecting? Make up your mind!
This is why repubes are completely NUTS: They don't wanna pay taxes, and when govt is broke, they go like: Why don't you get my taxes. Oh the tax that you illegally HIDE from the IRS you mean?
TheSteelGeneraI 7 months ago
@TheSteelGeneraI Can you read PUNK? Where do I support more taxes??????????? My guess is you are part of the 51% that pays no income tax and sucks the tit of the government.
Its people like you that over look facts like this government can't even get the people who owe taxes to pay up. Are one of them?
wsoxman 7 months ago
@wsoxman Can YOU read BAGGER? Where do I SAY you support more taxes??? No way I'd expect anything so SANE from you! Your mocking of the govt inability to collect taxes implies that you think they should do a better job. So, while you're apparently against increasing the tax rate or kinds of taxes, you support more tax collecting. This is inconsistent.
What is needed to be a better taxcollector, (which you support) is ... more TAXES! To better equip the IRS.
This makes you VERY inconsistent.
TheSteelGeneraI 7 months ago
Also, where do you get your numbers? 106 billion in uncollected taxes????
HA HA HA HA HA
FoKKKs? (did he tap your phone too? Like Murdoch did with the 911 victims?)
Cato institute? Am. Heritage? These are paid LIARS by Big Corp. so don't attach any meaning to that.
TheSteelGeneraI 7 months ago
@TheSteelGeneraI stfu conspiracy weirdo
MrGrevy 6 months ago
Excellent no bias explanation. This should be shown on network TV. But it won't be, because Network TV loves to push a liberal agenda.
wsoxman 7 months ago
@wsoxman ALL tv is now owned by Big Corp, which is why even Network TV is hugely rightwing biased.
but what do you care, you hear the "Thruth" on FoKKKs, right?
TheSteelGeneraI 7 months ago
@TheSteelGeneraI ABC,CBS, & NBC are "hugely right-wing biased"? Kid, you need to turn off the TV and read a book.
PS I watch CSpan idiot.
wsoxman 7 months ago
What many posters fail to understand is the fact that raising the debt ceiling is to pay debt already incurred, not future spending. Default brings credit rating downgrade to boot, so all personal loan interest rates will increase and so will the interest rates on the money the government will continue to borrow anyway. Spending cuts will be eaten up in higher interest rates. Once you begin to feel the pain personally, you will understand why the debt ceiling has to be raised.
midclassunions 7 months ago
@theStyleWithin Do you know what cap and trade means?
gmacallen 7 months ago
@gmacallen he doesn't, really. To him its another buzz word he uses so he can be covertly racist against Obama, and diss jews and women etc.
Dude, if you hate govt so much, go live in a country that has no govt! Like ... Mexico. Better yet: Somalia!
TheSteelGeneraI 7 months ago
I don't totally understand it but this is what I think: The Iraq war put the US in alot of debt, the health care sys is overpriced, food is getting expensive, and college tuition has risen every semester until I graduated, I guess to help bring money to the govt (May, 2011 yeah). It doesn't help that America sell jobs over seas including businesses (Budweiser) I believe we need to start manufacturating our own products that would bring in jobs. Start taxing the wealthy who pay the rich.
SukiSlim25 7 months ago
We, from Chinese government, welcome any speedy measure which wrecks US American economy.
That is why, we from Chinese government, urge you to vote Boehner!!! Bohner, da man.
Please support Repubes. It makes our path to world domination sooooooo much more easier.
TheSteelGeneraI 7 months ago
@Thorbi1983 -The bailouts went to many of the banks that have shares in the Reserve...what more to say? If they wanna play hardball then fine...declare the Reserve notes void and unbinding...issue a new currency thats pegged on gold. Write a balanced budget amendment-place a defense budget on a voluntary tax basis to ensure any wars in the future are justified by it's taxpayers. Everyone is a renter in this world, atleast make a currency where you can back it.
eternalperchedbird 7 months ago
I don't get it. US taxes have lowered in the 90ties, and spending has increased. There's also quite a few loopholes that let people avoid tax. Why don't they restore the tax levels to clinton levels and fix all the loopholes? that should ensure a sizable income. The US can't think that they can continiously fix other people's problems and ensure their own security by waging wars and then expect not to pay for it.
JoshuatheKodiak 7 months ago
It must be nice to be a Democrat. You can just suggest Boehner wants to push your grandmother's wheel chair off of a cliff and you don't have to give a fuck about the debt. I just don't understand why Boehner would be stupid enough to take the bait and propose cuts to social security and medicare. Go with the McConnell plan because it finally forces Obama to say what he will cut.
jasonfkg 7 months ago
@jasonfkg It must be nice to be a repub. you can just foam "wasteful spending" at the mouth, completely deny the 10 Trillion Bush wasted on killing brown people overseas (which turned NO profit for the American people) and go about your ways.
Repubes are racists and traitors, longing back for the good old days of ..... feudalism!
TheSteelGeneraI 7 months ago
@TheSteelGeneraI So would you guys have liked to gut the military then? Because Obama took us into Libya and he'll need the troops for that. That's why I really don't get what kind of card the Democrats feel like playing with the war spending. You are the party who gave us Vietnam, allowed Korea to last way too long, got us into the Chinese Civil War, took us into Somalia as if that could possibly ever work, and took us on a misadventure into the Balkans for no apparent reason. J'accuse.
jasonfkg 6 months ago
@jasonfkg Learn your history, moron. It was EISENHOWER who took us to Vietnam! And eeer ... I'm sorry, didn't you support all this? Then stop whining, moron. Dems aren't necessarily against wars, we're against DUMB wars gought cos your baby daddy bush was kicked out Iraq! And the intervention on the Balkans (the ONLY selfless war) is STILL a huge succes. We got them out, and successfully gave it to the EU.
French, eh? YOU STINKING ELITIST!!
I love it how RepuKKKeliKKKants completely twist facts.
TheSteelGeneraI 6 months ago
@TheSteelGeneraI No, you're twisting the facts. LBJ increased troops in Vietnam from 2000 to 16500 in three years. Then the Democrats in Congress blocked Ford's efforts to aid the South from being destroyed by the Vietcong after Nixon ended the war with honor. Had they have listened to Ford, the South would have remained free. In other words, you escalated the war and then refused to let us win. Wars should also be for SELFISH reasons, as in Iraq and Iran, not Libya and Somalia.
jasonfkg 6 months ago
@TheSteelGeneraI
Dems are just as dumb as Reps and you really lower your credibility by throwing those "KKK's" in there.
Also, you're getting mad over the internet. Save what little dignity you have left and go run for congress.
TheKingOfToast 6 months ago 2
As long as the Republicans insist on having a near trillion dollar annual Defense budget, they have no credibility on deficits and debt. The Defense budget is outrageous and is helping to collapse the U.S. economy. The Defense budget has more than tripled since the late 1990's. And yet, everyone is always silent on it. The Chinese are laughing all the way to the bank.
TheTruthNow000 7 months ago
The American people want to go to the poles with 4 choices to solve the debt ceiling issue as they are supposable arguing over what we want. For the first time, figure out what the American people really want with transparency and change politics in Washington over night.
1. Rebublican plan 2. Democratic Plan 3. Raise taxes to old levels / close loop holes 4. none of the above. When are we going to go back to what the people want. Our founding fathers would be a appalled.
toyworldin 7 months ago
Congress should just value the dollar at a billionth of it's value and then pay the debt, then a month later target the dollar as one hundred dollars to a gram of gold. You have a right to owe nobody as specified in article one of the Constitution. Debt is only as valid as the law...and no where do i see where the Congress cannot revalue the dollar for a limited time. Down with the reserve banks! Take back your freedom and call your district representative.
eternalperchedbird 7 months ago
@eternalperchedbird You are a fucking idiot.
ElPepperoni 7 months ago
@ElPepperoni -and you're a sheep in a desert
eternalperchedbird 7 months ago
@eternalperchedbird And I still say with a clear mind, that you are moronic at the very best.
ElPepperoni 6 months ago
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eternalperchedbird 6 months ago
@ElPepperoni-ya agreed...you're very clear minded-go see if your bf called for some pepperoni
eternalperchedbird 6 months ago
If in August we don't have enough money to pay all the debts, then we need to cut spending. Start with oblama care, Iraq, Afghanistan, Libia, Failed Social Programs, ESCR, Paying for ILLEGAL ALIENS, Foreign Aid, Congressional Salaries/Staff, and much, much more.
Unklebillybob 7 months ago
Well said brotherfuture
cfpup 7 months ago
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I suggest we hold Mr. Obama to a promise he broke (one of many) when he was running for President - have this debate broadcast on C-SPAN, so that the American people can see what is involved and can see what facts/truth are being presented and where those facts/truth are coming from.
Let's stop with the easy verbal attacks being made by our all-knowing representatives in Washington, DC - claims that they don't have to back up.
Everyone: Don't LISTEN to what politicians say !!!
jgehb 7 months ago
You cant blame this on any politician it's us!!! Our wants are never ceasing, and our classism has us sending jobs over seas, when we don't invest back into ourselves by providing affordable education for everybody, Old people older Americans who are to greedy!!! Wanting tax cuts and all are the ones at fault, the world you have left for future generations is a disaster
brotherfuture 7 months ago
Join Sarah Palin, Mike Huckabee and John Boehner in cutting, capping, and balancing the U.S. Budget. Enter the website address below to sign the petition to fight government spending.
We’re raising over 10,000 petitions daily; Act now to save our country!
To sign go to persistenceforprosperity (dot) org
cyn725 7 months ago
Watch my video. Simple, short, funny but desperately obvious.
"DebtCeiling ClownHostage"
JeffMoche 7 months ago
The debt ceiling WILL be raised. All this back-and-forth between the two political parties is theatrics at best. JPMorgan Chase, and other larger firms who own the financial system are already warning Republicans and fiscal-Conservative Democrats about these firms pulling campaign financing if they -- the Conservatives -- don't acquiesce. Many Americans think its all conspiracy theories, but our nation, and the treasury in particular, are owned by multi-national investment firms.
cosmicviewer477 7 months ago
So politicians would gladly screw the American people just so they won't look bad?
Am I right? I can't be. I would expect this kind of behavior at my high school. Someone please correct me.
Sam78Man 7 months ago
@Sam78Man Congress is just like high school. They even sit together in little groups.
lukeandally 7 months ago
@Sam78Man It is worse than that. They will try to screw the American people (especially the elderly and vulnerable) in an attempt to make their political opponents look bad.
"When you subsidize poverty and failure, you get more of both." - James Dale Davidson, National Taxpayers Union
roncram 7 months ago
It would be political suicide for Obama to refuse to mail SS checks. Everyone knows that is not necessary. The Republicans took over Congress by campaigning on the promise not to raise the debt ceiling and not to raise taxes. Congress has a mandate from the American people. It is sheer insanity for Obama to continue this fight.
roncram 7 months ago
@roncram This has been a good debate. We'll have to agree to disagree on some stuff. I'll let you and the rest of the conservatives (and that one racist ) hammer out where the money for all the mandatory spending is gonna come from...I thought you were into entitlement reform....
Thanks for standing up for your principles. I enjoyed it.
See you in 2012.
lukeandally 7 months ago
@roncram Btw. Obama has a mandate too. He seems to at least want to move towards more balanced budgets w cuts & taxes. If you don't buy my #s, find some better ones. You want to slash 2 million jobs for 2 millionaires who haven't created 1 job in 10 years? Explain it. Cut spending, cut taxes, cut jobs, cut benefits, cut & paste snippets from your own echo chamber. It's all talk. There's nothing there. Don't bring a "balanced budget amendment" to a balanced budget fight. Bring a balanced budget.
lukeandally 7 months ago
@lukeandally No, Obama does not have a mandate. A mandate is based on campaign promises. About one-third of House members campaigned on refusing to increase taxes and refusing to increase the debt ceiling. That is a large voting block. Many other Republicans have since joined the position. Obama, on the other hand, campaigned as a moderate. He did not promise to increase federal employees, force ObamaCare down our throats or give away money to Democrat bankers on Wall Street.
roncram 7 months ago
@roncram Barack Obama - 67 million votes. Campaign promises "kept, comprimise, or in the works:" 387/500*. Federal workforce = no promise. "Univeral" healthcare = promise kept*. Wall Street regulatory reform = promise kept*. (The Bank Bailout was signed on Oct 3, 2008 by George W. Bush.)
All freshman House Republicans combined - 45 million votes. Make Bush tax cuts permanent = in the works*. Refuse to increase debt ceiling = no promise.
[**Politifact, nonpartisan, Pulitzer Prize]
lukeandally 7 months ago
@lukeandally But you are ignoring the fact that most Obama voters now feel betrayed. Obama ran as a moderate. He promised no tax increases, but Obama is now admitting ObamaCare is a tax on the middle class. Obama promised "no lurch to the left" when he took office, but within months of his inauguration Time magazine ran a cover story "We are all socialists now!" The moderates and independents who elected Obama now are his sworn enemies. They elected the Republicans to defeat his agenda.
roncram 7 months ago
@roncram Talk, talk, talk, no facts. "Everyone knows" that you don't know much about the debt, like that 32% of the principal is in Intra-Governmental Holdings like the ones that accrue every time SS borrows from its trust fund, or that 45% of net interest comes from IGH, & 45 is more than 32. "Everybody knows" that nobody knows how a default would affect SS payouts bc they multiply net interest payments as they become a greater share of the principal. Did you know we have to pay interest?
lukeandally 7 months ago
@lukeandally Of course interest has to be paid. That's the point. A default on SS payments would be political suicide for Obama because it he would be looking to hurt vulnerable people in an attempt to score political points - an effort which is certain to backfire. Everyone knows SS default is not necessary. Everyone! Obama has to cut ObamaCare, federal employees and entitlements before the Republicans will agree to any increase in the debt ceiling.
roncram 7 months ago
@roncram Who is "everyone?" Name one objective, credible person who "knows SS default is not necessary." People who really understand this stuff can't even agree the SSTF is "real," let alone what it's worth. Whatever it is, it's in non-marketable bonds "guaranteed" by future revenue, which looks like either an accounting trick, or just glorified debt...Nobody knows! Assigning Obama political motives & telling him your hostage demands is NOT an explanation; it's a bad excuse. Who is "everyone?"
lukeandally 7 months ago
@lukeandally Unlike the federal govt, the law requires state governments to pass a balanced budget. Negotiating the budget on a state level is very similar to negotiating an increase to the debt ceiling. On the state level, sometimes a balanced budget is not passed within the required time frame. What do states do when they have to operate without a budget? They have to make choices. All non-essential state employees are furloughed without pay, that kind of thing. Obama has choices.
roncram 7 months ago
One word for Obama's lying when he said there is "no guarantee" that social security checks will go out on August 2nd: pathetic. "Social Security has a trust fund," Forbes magazine points out, "and that trust fund is supposed to have $2.6 trillion in it, according to the... trustees." (A fact verified by President Obama's own budget director). "If there are real assets in the trust fund, then Social Security can mail the checks, regardless of what Congress does about the debt limit."
jgehbinv 7 months ago
@jgehbinv He;'s a Negro. They all lie..
jadrummer110 7 months ago
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Mr. Obama needs to tell the truth and stop the fear mongering.
The Bipartisan Policy Center reported:
The BPC study projects there will be $172 billion in federal revenues in August and $307 billion in authorized expenditures. That means there's enough money to pay for, say, interest on the debt ($29 billion), Social Security ($49.2 billion), Medicare and Medicaid ($50 billion), active duty troop pay ($2.9 billion), veterans affairs programs ($2.9 billion), with about $39 billion left.
jgehb 7 months ago
We also need to cut defense spending. We have to end the wars in Iraq and Afghanistan and bring our men home. We should not fire the soldiers and sailors though. As John F Kennedy once said "We dare not tempt our enemies with weakness." But we will save a lot of money if they are not fighting. The weaker our economy gets under Obama, the greater the risk some country will attack us.
roncram 7 months ago
@roncram Totally agree with you about the wars. Another agreement! Progress.
lukeandally 7 months ago
Incredible explanation. Great vid.
bornthug213 7 months ago
In addition to cutting the number of federal employees drastically, we also have to cut entitlements, The best way is to raise the age people become eligible. If you turn 65 in 2011, you get Medicare and SS. If you turn 65 in 2012, you have to wait to 2013 as the age goes to 66. If you turn 66 in 2014, you have to wait to 2015 as the age goes to 67. If you turn 67 in 2016, you have to wait to 2017 (new age 68) and so on until you reach 70. People are living longer - it's the only way.
roncram 7 months ago
@roncram You're absolutely right about entitlement reform.
You're wrong about increasing the jobless rate in a down economy.
lukeandally 7 months ago
Raise taxes on the rich, put a big fax tax increase on them to increase Fed revenue. End all wars that are costing the USA billions to fund annually. Take out a well chunk of the ASTONISHING 700 BILLION$ MILITARY BUDGET! Legalize weed for recreational use and put a big fat tax on it to increase fed revenue. Then scout to Cut spending in areas that'll save the Fed a shit load of cash and layoff few.(looking at welfare and programs that help illegal immigrants). AND STOP INFLATION!
MrSquaky 7 months ago
would the troops prefer to stay in a war or come home and get rejected for a job at McDonalds?.............theres no jobs and inflations on the way with QE3, =bad news.
garysquirrelreviews 7 months ago
Obama is the one who asked for the budget the previous Congress passed. The voters rejected that Congress and installed a Congress committed to not increase the debt ceiling. In no way does that invalidate the previously issued US bonds. Obama needs to reduce spending immediately. He will not get want he wants without cutting the federal government. I suggest firing every federal employee hired within the last six years as a start. We need to cut spending by $1.7 trillion per year.
roncram 7 months ago
@roncram The budget was passed in April (of 2011). It's the same Congress. The only thing that's changed is that Kathy Hochul was elected to the New York 26th Congressional District in a special election in May. It's a Republican district. She's a Democrat.
Look. I'll raise you. Let's abolish the entire Executive Branch. Including the Department of Defense. That'll save us $1.3 trillion a year. What else would you like to cut to get to your 1.7?
(This is exactly what's going on in D.C.)
lukeandally 7 months ago
@lukeandally I would be willing to raise the debt ceiling if Obama got serious about cutting the deficit without raising taxes. Raising taxes will kill the economy. Obama is not going to get a deal unless he cuts government spending. Google "john stossel I can balance the budget" and read what Stossel wrote. We have a $15 trillion debt. We have to run a $500 billion surplus for 30 years to pay off the debt. The last time we had a balanced budget, we had a Republican Congress.
roncram 7 months ago
@roncram I most certainly will not google John Stossel. The WH put $2.4 trillion in spending + 98% of the Bush tax cuts on the table. Republicans chose the 2%. Why doesn't everybody get "serious?" Explain how balanced budgets turned into structural deficits. That 2% luxury will cost this country $3.1 trillion over 10 years. It produced no jobs, & it helped cause the Great Recession. You want to put 2 million more people out of work for that? That's your idea of an economy? I would say drop dead.
lukeandally 7 months ago
@lukeandally Well, if you won't google john stossel, I cannot help you get informed. Some people prefer being uninformed. A Republican Congress is able to control spending. Bush was a terrible president who grew the government like a Democrat. He did have a recession and two foreign wars to deal with, but he grew domestic spending like crazy. The Democrats took over Congress in 2006 and the budget deficit grew from $200 billion under Bush to $1.7 trillion under Obama and Dem Congress.
roncram 7 months ago
@roncram You know what? Let me help you out. The reasons that Bill Clinton's $2.3 trillion projected surplus turned into a $14.3 trillion debt from 2001 to 2011 are, in order: 2 recessions (28%), defense spending increases (15%), the Bush 2001 & 2003 tax cuts (13%), interest on the debt (11%), non-defense spending (10%), other tax cuts (8%), the Obama stimulus (6%), Medicare Part D (2%), other "technical reasons" (7%). These are what they call the "Drivers of the Debt". Just FYI. [Pew Trusts]
lukeandally 7 months ago
@lukeandally We have a $15 trillion federal debt now. We have to run a $500 billion surplus for 30 years to pay it off. The Pew Trusts are not reliable. For example, the tax cuts actually increase federal revenue because they stimulate the economy, which is why John F Kennedy proposed back in 1963. Search youtube for the Kennedy tax cut proposal. I do agree the recession and wars were expensive because they affected a number of years. On a yearly analysis Obama has been catastrophic!
roncram 7 months ago
@roncram So Pew Charitable Trusts (the non-partisan, non-profit, historically conservative think tank) is not reliable, but I should google John Stossel...No can do, buddy.
There's no conclusive, compelling, or consistent evidence that tax cuts alone have any stimulative economic effect. The Bush tax cuts had none.
Tax cuts do not increase federal revenue. That statement is beneath you.
lukeandally 7 months ago
@lukeandally You are wrong about this Congress passing the 2011 budget. The 2011 budget runs from Oct 2010 to Sep 2011. This Congress was sworn in this year. They are currently negotiating the 2012 budget. Voters put these Republicans in charge of Congress because they do not like what Obama has done. Increasing the annual deficit from $200 billion to $1.7 trillion is a frontal attack on the American economy.
roncram 7 months ago
@roncram This Congress convened on January 3rd, 2011. The FY11 budget passed on April 15th, 2011. The process was delayed by the threatened government shutdown (remember that?) through pieces of legislation called 'continuing resolutions.' It did not track the traditional fiscal year.
Same Congress. The 112th.
lukeandally 7 months ago
I know one thing - we're at $14 trillion dollars and cannot continue to put ourselves deeper in debt.
I strongly suggest you believe NOTHING coming out of Washington DC - be it from Democrats or Republicans. Those in government are simply concerned with:
1) getting re-elected
2) increasing their power
3) becoming wealthy at any cost
Translating the above, our Government at all levels has become totally corrupt.
Find an objective 3rd party source for the truth and the facts.
jgehb 7 months ago
It's a limit. Why have a limit if you're just gonna move it everytime you come near it?
mindthreat44 7 months ago
The 14th Amendment "Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."
If Obama defaults, he is choosing to pay federal employees over US bonds. This choice is not allowed by the Constitution. If he defaults, it is an impeachable offense.
roncram 7 months ago
@roncram You're exactly wrong. The 1st things to go are the Civil Service Retirement Fund, the Federal Employees Retirement System, the State & Local Govt Series & the emergency reserve fund. That's bond $ for 8 weeks. The 14th Amendment takes from CONGRESS the "vain discretion" to "pledge the credit of the United States" by "valid enactment" and then "repudiate its own engagements" bc "a later Congress finds their fulfillment inconvenient." (Perry v. US,1935). You've got it all backwards.
lukeandally 7 months ago
@lukeandally Wrong. Perry v US states "11. Section 4 of the Fourteenth Amendment, declaring that "The validity of the public debt of the United States, authorized by law, . . . shall not be questioned," is confirmatory of a fundamental principle, applying as well to bonds issued after, as to those issued before, the adoption of the Amendment, and the expression "validity of the public debt " embraces whatever concerns the integrity of the public obligations. P. 294 U. S. 354."
roncram 7 months ago
@roncram The court found for the president in Perry...The "validity" of the debt is established by "valid enactment." Congress validly enacted the FY11 budget bill by passing it into law. The President cannot meet the obligations "authorized by law" in that Act of Congress under the debt ceiling that Congress set. The 14th Amendment was ratified after the Civil War to prevent specifically this kind of entrapment, and the Supreme Court so found in a visciously worded ruling. (P.294, US, 331-350)
lukeandally 7 months ago
It's time to let the govt know that we aren't in on this debt. They borrowed from the Feds without our collusion. Tell China to get it from Rothchild!!!!! He like 500 trillion bucks or more. We were never cut in on the profits so piss up a rope now when the bet went south!!! Nobody ever asked me if I wanted in or out. Fuck em.. Quit paying your taxes people. Max your credit cards out too. Stiff your mortgage stop paying on that car. Let's see what 1 against 99 can do?
jadrummer110 7 months ago
Who does the US govt owe the 14 trillion to? Can somebody please identify the strawman who holds the promissory note for once?
jadrummer110 7 months ago
@jadrummer110
It's not exactly one person.. But at the moment China owns the most of the deficit, followed by Japan, then the UK.
Defaulting on these would be absolutely catastrophic for obvious reasons.
gunzt3rkenfu92 7 months ago
@gunzt3rkenfu92 What is China going to do if we say fuck you?? Are they going to send the sheriff to evict us? LOL.. I don't ever remember signing a promossory note to any foreign country nor to my country either btw. Do you have a copy of some contract?
jadrummer110 7 months ago
@jadrummer110
You asked a question and I answered it, no need to be a standoffish dick about it.
Defaulting on debts as large as these would mean noone will invest in the USA and doing trade with the USA would be dangerous. It would lead to massive cutbacks, food shoratges, riots, no jobs, and since so many own a gun, large amounts of violence and self policing communites.
The USA thrives on the belief by other nations that it always pays it's debts, so in other words shit will hit the fan.
gunzt3rkenfu92 7 months ago
@gunzt3rkenfu92 Unreasonable response. Nobody is going to lend us any more mney anyway fool. Invest? Is that what you call what China has done? Thay have alreadt=y decided to not deal in dolars anymore or haven'tyou heard. How much of this 14 trillion are you willing to payback dummie? And did you receive your fair share? Don';t make me laugh. Go fuck the American flag somemore, You haven't been fucked enough apparently.. Bring on the revolution.
jadrummer110 7 months ago
@jadrummer110
From your obvious lack of understanding and your childish personal insults I can tell you're a complete idiot. People like you are the reason things like these happen, you don't understand even a little yet you are extremely vocal about it. You're the equivalent of the tea party.
You clearly don't appreciate the severity of defaulting on these debts. Have you seen what Detroit looks like? Type into the search bar, that will be the USA if they default.
gunzt3rkenfu92 7 months ago
@gunzt3rkenfu92 ooH.. If I don'y asgree to be a slave to f=debt that I never borrowed or spent I'm going to be destined to live in a Detroit like world. OOOh you scared me my man..LOL.. Where did you learn your sales pitch btw? From That nigger illegal president of ours? Didn't he just threaten to cut off senior citizens already supposedely paid for SS checks if the Jews debt ceoing isn't raised? yet he gave trillions to the fat cats . Fuck you moron..
jadrummer110 7 months ago
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is it me or no republican is giving a straight answer??? $14 billion for GE and no tax? am i missing something here.
Holy shit, some one with some balls ask them a question and demand for a straight answer.
Millionaires and Billionaires can take a hit.
Is it not clear that republicans are more concerned about rich people rather than the middle class and the democrats are way to naive.
as an independent im glad Obama stood up and play/played his role, just dont blink Mr. President
chillaxn87 7 months ago
On the contrary, a failure to raise the debt ceiling would almost certainly NOT result in default. Interest on the debt is about 6% of the budget. If we can issue no more debt then rather than spending 3.5 trillion of which 1.4 is new debt then we'd spend around 2.1 trillion. Interest on the debt is under 200 billion a year. The constitution requires (14th amendment) that you pay interest on the debt first. They could then spend 1.9 trillion however they see fit.
DrTodd13 7 months ago
@DrTodd13 6% public debt. MUCH more in self-owed debt. The markets don't care which we default on... they will react badly regardless.
steevmoor 7 months ago
@steevmoor According to May 18, 2011 treasury dept monthly statement, 9.6 trillion in debt held by public and 4.2 in intragovernmental debt. The markets would react badly to a default on either but we will simply not default. You use revenues to pay interest on both debts and then use remaining revenues to fund everything else. Revenues are currently ten times what you need to service the debt.
DrTodd13 7 months ago
@DrTodd13 What is at stake is the Government's reputation to uphold its commitments. That's what the markets base their confidence in the Government on. If payrolls for military / Government employees / Social Security / Medicare / etc. fail, the market sees that as a default because the people in the market say "if there is no payment to employees today, there will be no payment to US for bonds tomorrow." We overspend by nearly 200 Billion dollars a month. We will default on something.
steevmoor 7 months ago
@steevmoor So, you're saying that if the government says that they will pay bondholders first regardless of how much that hurts US citizens that bondholders will lose confidence? Do you see how prima facie that statement is ridiculous? It simply does not follow that not paying social security means not paying bonds tomorrow. What hurts the situation is the president equating no debt ceiling increase with a default. He creates the uncertainty by implying bondholders don't have top priority.
DrTodd13 7 months ago
a congressmen said about the 08 crissis "it would mean the end of our economic and political system as we know it". like the one we have is worth anything now!! let it fall and see where the chips fall. dont raise it..
badtothebonz1 7 months ago
@badtothebonz1
That congressman was an idiot. Republicans are willing to let our financial ship sink, so billionaires don't have to sacrifice like they demand the poor and middle class to do. Warren Buffet is an exception. He has publically said that he can afford a tax raise and so can rich other rich ceos. and moguls. If it isn't raised, the US will default on our loans. Interest rates will go through the roof. It's time for the Republicans to compromise and stop being assholes.
Velayasha 7 months ago
Thank you for this video. The "journalist" today are all working for someone else. They have failed to inform the people. Thanks YouTube. This is where I get my real information. I agree with so many other posts. Mainstream media is a puppet that is not controlled by the public. Neither does it work for the common good. Thanks again and don't stop posting. People like me depend on you.
carla7757 7 months ago
@carla7757 Reuters is the mainstream media...
steevmoor 7 months ago
If you also think about it, since our country is not based upon physical production anymore, we cant really pay it off as is via trade. Also, we create the most technology in the world and guess what happens, we sell it to countries like Japan and a few years later they are charging us right back for everything they sell, ( They make it cheaper and sell it back higher), ergo making us virtually useless financially. (e.g.) - Did you know America doesn't even make television sets anymore? :(
seth364 7 months ago
@seth364 You're right that our huge trade deficit is a drag on our economy, but what you're really talking about is our GDP, which is the amount of marketable stuff we make in a year. You're right that we don't produce enough, but our debt is "only" 98% of our GDP#. Japan's is like 225%! They're not exactly a model of excellence either. Our problem is that we increase spending AND reduce tax revenue every single year. The "structural budget deficit" is what drives our debt. It's real real dumb.
lukeandally 7 months ago
@lukeandally , touche and fine point. :D
seth364 7 months ago
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2012 will be the start of one of the worst depressions in a very very long time.
tarantula152 7 months ago
I've seen that graph in my math class. It's called an inflection point. I think we should keep raising the debt until we reach the inflection point. I mean, fuck it's an infleciton point, something cool has to happen.
zedsdeadz 7 months ago
@zedsdeadz LOL!! You're an inflection point.
lukeandally 7 months ago
The debt ceiling will have to be raised. The Constitution does not allow the U.S. government to default on its debts:
14th Amendment, Section 4: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, SHALL NOT BE QUESTIONED.
End of story. Period.
Jazzycat47 8 months ago 2
The babyboomers have paid into Social Security in a surplus. LBJ started borrowing money from the surplus because he didn't want to pay for the Vietnam War. Every Congress and President since has borrowed the surplus funds. Before they tell us Social Security is broke, they need to repay all the money borrowed in full. Then let them find a way to pay for all these wars the Military Industrial Complex insist on the USA paying for. We cannot afford to police the world.
midclassunions 8 months ago 2
@midclassunions That's impossible, all the money owed to Social Security is many tens of Trillions of Dollars. The baby boomers kicked the can forward and now it can no longer be kicked.
Prepare for the Greatest Depression, this one will be far worse than the last.
kb9gkc 7 months ago
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There is nothing to negotiate... you cannot spend yourself to a balance budget...
You cannot print money enough to get to a balanced budget and think you can just tax the newly printed dollars to increase revenue to pay off the debt...
IDIOTS...
SirWinstoneChurchill 8 months ago
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My Keynes Hayek: The Clash That Defined Modern Economics is published in October by W.W.Norton. Read an extract at: sites.google.com/site/wapshottkeyneshayek/
Nicholas Wapshott
nhwapshott 8 months ago
We should group up a bunch of INTJ's and fix the world code geass style. Lol. (Retreating from killing our selves and other people obviously. Just kill the worlds debt and money system.)
Digiscat 8 months ago
@wishmolly Now for your Second Paragraph. I said "China is one of the most capitalist societies". This implies that no countries are 100% anything, but China is closest. Your fairy tale of everyone working hard for an equal share is wrong. It's a big, IF everyone works hard. Why would they? It wouldn't make them any better off. It turns into a race of who can do the least work instead. So everyone owns just as much, and we'd all own less and less. Altruism doesn't exist at this level.
mckeonjt 8 months ago
@wishmolly You are very correct and thank you for the Poli Sci 101 lesson. I was comparing economic systems, not forms of gov't. Read it again, I never mentioned democracy, socialism, monarchs or even republics. Just capitialsim, communism, and corporatism. All of which are economic systems and have little to do with the forms of gov't.
mckeonjt 8 months ago
so funny!! spend money to war
US will become evil country soon!!
kai89311 8 months ago
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Ron Paul 2012
LeahParry1 9 months ago
Shut it down! Don't increase the ceiling!
bsg1206 9 months ago
I don't SS has anything to do with these numbers.
The debt ceiling seems pretty stupid if they can raise it at will.
CosmosPrivateer 9 months ago
the artwork is beautiful!
sjkdec18 10 months ago
This is so dishonest its not funny. Thieves and robbers are called investors. OMG sooo funny. The formation of the united states was to get away from the crown and money manipulators running a massive pyramid scheme and playing everyone. In 1913 the US opened the gate and invited them in. Theyre still there to this day. On that day the US stopped being a great nation.
outofslumber 10 months ago
you mean to say we decided some time ago that 14 trillion dollars is just the right amount of debt?
lol
br0kendreemz 10 months ago
wtf are they spending it on? seems like it is ust going to dictators, warlords, terrorists, banksters, and other governments that hate america
yay78900 10 months ago
lol dont increase it, decrease spending!!!! its what you were voted in for right????
MrBigEnchilada 10 months ago
Congress isn't bipartisan, it's bipolar. The USA is up past its neck in debt. What will these rocket scientists do about it? Why, borrow more, of course. Yeah, that will fix things. These morons wouldn't know fiscal responsibility if it banged them all night long.
Muzzy337 10 months ago
Our money system is designed to create debt, to function of debt. There are also many poor countries with huge depts. We have exploited our planet because of capitalist profit desires. Check out my video "capitalism destroys - here is the proof" . We have found a way to stop this abuse at equalmoney . org with an equal money system.
SpamAnn 10 months ago 9
@SpamAnn
This is not capitalism... At least not according to the "Wealth of Nations". I find China to be one of the most capitalist societies in the world right now, and they are classified as communist. Make up some other word for it, but it is not capitalism. I'll suggest this is corporatism, although I did not coin the phrase. Please don't compare this with capitalism because people will want to move toward a USSR model.
mckeonjt 9 months ago 2
@mckeonjt : doesnt matter what the name is, our entire system globally has to change. To a system that honors life, does not function on profit and debt and places life on nr 1.
SpamAnn 9 months ago
@SpamAnn I agree the system needs to change, but what exactly do you think it should function on? I think it should go back to functioning on profits and losses rather than earmarks and bailouts.
I can't get a clear idea of what your trying to say. It sounds very fuzzy and/or broad to me. Paint a picture with finer strokes for me. P.S. it's a lesson
mckeonjt 8 months ago
@mckeonjt : no not function on profit as what happens currently, but to be established on a basic principe of "doing what is best for all to our best ability". Which means a total redesign. Things wont be based on profit, so no brainwashing tv that keeps people numb and blind, no dumbing down of the population to make them good consumers, no more crime because one is born poor or gets shaped by their poor environment etc... visit equal money website, discuss with us. Youll get a clear idea
SpamAnn 8 months ago
@SpamAnn You remind me of myself years ago. I agree with you that the top 1% are more concerned with putting up competition barriers than working hard at creating jobs. That is a big/Gianormous problem. The whole dumbing people down is the people's own fault. Poverty in itself doesn't create crime, poverty without opportunity creates it. I know this personally. I think we're a lot alike with simiilar goals for society. We are at a fork in the road on most issues, but we have the same destination
mckeonjt 8 months ago
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@mckeonjt : time to get on one road and sort this mess out. Things have to change and unless we who can work on it, nothing will. And that is what we are doing, and anyone intrested can join our forums and website and read and find out for themselves.
SpamAnn 8 months ago
This is fascinating - so we are basically looking at whether to further inflate and borrow money that can NEVER be repaid in order to maintain a system that constantly requires debt and people losing their livelihoods and becoming further dependent on this system, or facing the fact that the whole system is broken and go into a financial ruin that will effect the world.
i for one am sick of this charade. its time for REAL reform. Investigate the Equal Money System !!
JosephKou1 10 months ago 12
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In time all countries in the world will be self sufficient and will have their own tax revenue so that they will not be dependent on the bigger nations for a hand out
samfabrics 10 months ago
In ten years the capital payments of 10 % will pay back the original money and the return of 10% per year will pay down the deficit by 25trillion in ten years which will give a surplus the
samfabrics 10 months ago
To lend 100 trillion to the world we need the model depicted in al-memani banking windows in which we can multiply 25 trillion real money x four banking windows which will give a liquidity of 100 trillion which is 10% return on capital invested if lent at 2.5% in each banking window
samfabrics 10 months ago
With this peace the military budget will decrease and the us will get out of the deficit faster and will be able to resettle it's populations all over the world thus reducing it's budget defit further
samfabrics 10 months ago
This is the key to peace with the us world wide
samfabrics 10 months ago