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Old 07-14-2013, 04:15 PM   #21
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From what I understand, and it may not be totally correct, our country was NOT founded on debt. Yes, just like everybody else, borrowing money was needed, but it was not done excessively, and it WAS paid back. If memory serves me correctly, the turning point was one of the wars. WWI, or possibly the Civil War. (Or maybe WWII, and the New Deal) Until then, the Govt. only spent what it collected in taxes, more or less. It certainly wasn't like today, spend any amount you feel like spending, costs be damned.......

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Old 07-14-2013, 04:47 PM   #22
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Originally Posted by clr8ter View Post
How can the verdict be out on that? We were stupid with our money, which was borrowed in the 1st place, and as a result we are up to our eyeballs in debt. So now, we print MORE money, to "pay off" our debts, and in the process create inflation, so people can't afford what they used to. And, what happens if the people getting paid off in this inflated currency say "NO, sorry, not going to accept that."? Sounds to me like the verdict is in.....
Well, it has a little something to do with fiat money and notional value.

If I told you that instead of giving you tangible assets in return for a debt that I owed you, I would give you coupons to my store and that you could only redeem the coupons at my store, would you "buy" my debt? That's essentially what the US Federal Reserve has done. There are still no shortage of buyers.

If people were no longer willing to accept the coupons or our coupons were not considered the "best" coupons to have, then we'd have a real problem. We're seeing a little of that, but the US Dollar is still the world's reserve currency and people are still spending money like mad in all countries. So, the "system" would appear to still be feasible.

As of yet, nobody wants the "alternatives" to this system.

And yes, our leaders were stupid with our money.
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Old 07-14-2013, 05:04 PM   #23
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Very astute observation.
As someone who has lived in europe half my life I agree.
but its an inconvenient truth to the cold warriors.
I think if Communist Russia was still alive and well today that the problems we've had with the Muslims would largely have been taken care of by them. Although professed to be atheistic, lots of Russians are Orthodox Christians by any other name and there's no love lost between them and the Muslims. We should have been supplying Russia in Afghanistan, not helping the people who have always professed to hate America and Americans. Poo on us for not seeing the forest for the trees.
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