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Post by The Great Aztec Joe on Jul 14, 2010 11:08:26 GMT -8
Everybody is worried about the National Debt ---- Hell, just cancel it.
All we have to do is ask the FED to cancel the debt that they own. If they don't immediately cancel it, eliminate them and appoint new members to the FED.
Poooof! Most of the national debt would be gone.
There are doubters in our midst.
The FED buys our debt with instant money. Poooof! it's there!
The FED can dismiss our debt with instant action, too.
Pooooof! It's gone! Yahoo!
We borrow it from the FED. The FED can dismiss the debt at any time.
Yet, it appears to be so hard for people locked up inside of the box to see.
It is not like we defaulted to a country. The FED just dismisses the debt. It is in their power to do so. I recommend that they buy all of the almost trillion dollars of debt the Communist Chinese have before doing so. By doing so they inject dollars into the Chinese economy. To get rid of any surplus Dollars, they have to BUY AMERICAN. Now, that is a damn good idea!
Hundreds of times in my life I have dismissed debt that people owed to me. It is in my power to do so and I do it. It does not mean that the person whose debt I dismissed is/was bankrupt. They are happy and I am happy to have helped them.
The FED was created by Congress to serve the United States. They hold the biggest portion of our debt. If they dismiss it, it is gone.
Pooof!
Gone!
Finito!
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Post by The Great Aztec Joe on Jul 14, 2010 11:10:29 GMT -8
As a true Liberal, I can clearly see how Obama can spend us to prosperity.
Amen.
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Post by aztecwin on Jul 14, 2010 19:49:11 GMT -8
Joe, I know you did not do much thinking on this issue and that is why you posted close to what a real liberal would say. Now would you do a little thinking or research? www.greatreality.com/DebtFAQ.htm#OweCancelHere is an excerpt: "Why can't we just cancel the debt? We can't cancel it (default) because real people would be hurt—lots of real people, very badly hurt. Some people say, "It's not really a debt, because we owe it to ourselves." It would be closer to the truth to say we owe it to each other—and it isn't owed equally to all Americans. Defaulting on the debt would do great damage to many pension funds, life insurance companies, banks, state, county and municipal governments, and foreign governments. When you—or your parents—or your grandparents are ready to retire, and cash in life insurance policies or pension funds, the money must be there. In fact that happens every day. But we don't have the money to pay what's owed, so we borrow more, further adding to the debt. A huge amount of the debt is owed to the Social Security Trust Fund. When, in a few years, that fund goes from positive to negative cash flow, the money has to be available. If it hasn't been repaid to the fund at that time, it will have to be raised through additional borrowing, or additional taxation. Internationally, the consequences of a default are hard to imagine. World trade as we know it is dependent on stable financial structures and international trust. The U.S. economy is an immense part of the world's financial structure. The world may not trust us politically, but if they couldn't trust us financially, the impact on the world economy, and on our own, would surely be catastrophic. " |
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Post by The Great Aztec Joe on Jul 15, 2010 5:51:16 GMT -8
I am sorry Win, I can not do that. As a Born Again Liberal for the time being I am prejudiced and can not see things your way.
YOU have to learn to look at the world through Rose Colored Glasses. Is the glass half empty or half full? Since it is a rose colored Glass, I can not tell, so it Does Not Matter. Right?
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Post by The Great Aztec Joe on Jul 15, 2010 6:00:03 GMT -8
Joe, Why can't we just cancel the debt? We can't cancel it (default) because real people would be hurt—lots of real people, very badly hurt. A huge amount of the debt is owed to the Social Security Trust Fund. When, in a few years, that fund goes from positive to negative cash flow, the money has to be available. If it hasn't been repaid to the fund at that time, it will have to be raised through additional borrowing, or additional taxation. Internationally, the consequences of a default are hard to imagine. Now, Win since I know where you come from, let me say this about that. YOU are just trying to frighten people with this DEFAULT talk. Telling the FED to cancel the debt is not a default. It is just a cancellation of a debt. The reality is that the FED canceling our debt would have absolutely no impact on the world scene. Consider the reality of that poorly written article. The author can not show how a cancellation of debt is a default. Money that we owe to Germany would still be owed. We could ask the FED to buy the bonds and notes from Germany and then cancel them, but otherwise there is no default. Please explain to us Liberals how you see a default. As far as social security goes, we will issue more bonds and notes for the FED to buy so we can have them cancel them after all the pensioners are paid for twenty years or more. There is no problem with Social Security. Just fear mongering by Conservatives. |
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Post by aztecwin on Jul 15, 2010 11:08:16 GMT -8
I think the readers see the story here.  |
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Post by The Great Aztec Joe on Jul 15, 2010 16:41:34 GMT -8
I think the readers see the story here. Yep, Win, I am asking you to think outside of the box you have placed yourself in. If we cancel the debt that the FED holds, it will have no impact on the bonds and notes that other banks and nations hold. It is just like me forgivin' an old friend the money he owes me. It has no effect on his banking status with any banks that he has borrowed from. What he owes to the bank he still owes. Collectively he just owes less than he owed before I made his debt to me disappear. Now, he is probably in a better credit position and can get a car loan at a lower rate. The same applies to nations. The FED is in a position to forgive our debt and we should take advantage of that opportunity. |
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Post by aztecwin on Jul 15, 2010 18:17:26 GMT -8
I think the readers see the story here. Yep, Win, I am asking you to think outside of the box you have placed yourself in. If we cancel the debt that the FED holds, it will have no impact on the bonds and notes that other banks and nations hold. It is just like me forgivin' an old friend the money he owes me. It has no effect on his banking status with any banks that he has borrowed from. What he owes to the bank he still owes. Collectively he just owes less than he owed before I made his debt to me disappear. Now, he is probably in a better credit position and can get a car loan at a lower rate. The same applies to nations. The FED is in a position to forgive our debt and we should take advantage of that opportunity. Joe, converting to liberal is not supposed to include having your brain transposed with a squash. I want you to think about and then expalin your position in double entry bookkeeping terms. Think of it in terms of accrued debt that is Partly our Social Security "Trust". There is just no way that your position makes sense, but then we both know that you know that! |
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Post by The Great Aztec Joe on Jul 15, 2010 19:59:51 GMT -8
Yep, Win, I am asking you to think outside of the box you have placed yourself in. If we cancel the debt that the FED holds, it will have no impact on the bonds and notes that other banks and nations hold. It is just like me forgivin' an old friend the money he owes me. It has no effect on his banking status with any banks that he has borrowed from. What he owes to the bank he still owes. Collectively he just owes less than he owed before I made his debt to me disappear. Now, he is probably in a better credit position and can get a car loan at a lower rate. The same applies to nations. The FED is in a position to forgive our debt and we should take advantage of that opportunity. Joe, converting to liberal is not supposed to include having your brain transposed with a squash. I want you to think about and then expalin your position in double entry bookkeeping terms. Think of it in terms of accrued debt that is Partly our Social Security "Trust". There is just no way that your position makes sense, but then we both know that you know that! When the FED buys the Bonds and Notes at auction as they frequently have to do because the auctions are under-prescribed, where does the money come from to buy those legal documents? If you said, "Thin Air, thou Great Aztec Joe." you would be right. If we asked the FED to tear up those bonds and notes, where would the debt obligation go? If you said, "Back into Thin Air, thou Great and Magnificent Aztec Joe." and you would be most correct. From dust to dust or in the case of money from thin air to thin air. |
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Post by The Great Aztec Joe on Jul 15, 2010 20:02:14 GMT -8
Elect me President and I will eliminate over half of the national debt overnight. Well either that or I will eliminate half of the Fed overnight and try again the next day to eliminate the debt.
At first you do not succeed, Try, Try again.
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Post by aztecwin on Jul 17, 2010 6:03:14 GMT -8
Joe, you are getting into this liberal role pretty good. I just hope you don't stay there too long and go over the edge.
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Post by The Great Aztec Joe on Jul 17, 2010 14:47:16 GMT -8
Joe, you are getting into this liberal role pretty good. I just hope you don't stay there too long and go over the edge. Don't worry, it is impossible for me to be a liberal during Football season. I still get my "mean" on for football. I am convinced that it is impossible to be mean and Liberal at the same time. |
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