[captain-custard]

if we cancel all debt then big countrys wont be able to f*** small countries over, and if we cant f*** small countries then the world bank goes bust and so does the whole western commerce driven culture , mmmmmmmm

so debt = commerce=debt =f***ed

[Bobboau]

if we canceled all debt then that would include our debt and the intrest on said debt could go into even more military spending which in turn cwould be spent on invading other weaker countries.

so no.

[Edward Bradshaw]

The only reason a bank can loan you money is because they have your promise that you will pay it back. If the banks cancelled the debts owed to them they'd have nothing to base your money on.

[TrashMan]

*Attempts to hate modern economy to death*

[Janos]

*Attempts to hate modern economy to death*

you don't want to even know how ****ed up some other systems are

[Nuke]

its all just part of the downward spiral

[Kosh]

Wasn't there a documentary called "Money as debt" about that?

[Edward Bradshaw]

Wasn't there a documentary called "Money as debt" about that?

http://video.google.com/videoplay?docid=-9050474362583451279

[karajorma]

The only reason a bank can loan you money is because they have your promise that you will pay it back. If the banks cancelled the debts owed to them they'd have nothing to base your money on.

I didn't say cancel the debts. I said cancel out the debts. If US owes China, China owes Japan and Japan owes the US at least one of those countries doesn't actually have a debt.

[Edward Bradshaw]

I didn't say cancel the debts. I said cancel out the debts. If US owes China, China owes Japan and Japan owes the US at least one of those countries doesn't actually have a debt.

Ah ok. Well I dont know if that would make all that much difference. As you can see from the pie chart on the site (assuming its accurate) most of the money is owed to the Federal Reserve. And the government keep spending money on their war on terror, so that means borrowing more money from the Fed and so the money it loans to the government at interest keeps going up and up on top of the usual debt increase.

[karajorma]

Don't know if it would help the US but someone has to be better off that way.

[Admiral_Stones]

My dad told me that the civilian debt is even higher.
Hypothecs not being payed, Credit Card bills and so on.

[TrashMan]

*starts bleeding from the nose and collapses*

[Grizzly]

So bassicly, judging by the figure from page 1. Everyone who votes for lower taxes is a Bleep?

[Janos]

So bassicly, judging by the figure from page 1. Everyone who votes for lower taxes is a Bleep?

whats bleep precious

[Fearless Leader]

All I know is that the US government needs to spend $100,000 of that on giving me a raise, I mean is that that much to ask for?

[Waistless]

The solution to U.S. debt is simple, and it's what the Bush admin. has been doing since it was in power.

The U.S. just has to overspend all hell on military, then when it's crunch time give a giant "F*** YOU!" to the people of which it has to pay debt to


Oh, and I fail at economics.

[Grizzly]

So bassicly, judging by the figure from page 1. Everyone who votes for lower taxes is a Bleep?

whats bleep precious

I meant Stupid Moron, but I didn't want to swear.

Yet.

[Grizzly]

I just did some quick calculations and it's climbing at a rate of $16,108.10 a second, that's roughly enough money to put me through collage.

You could ask them to give you that much, it wouldn't matter much anyway!

(Use that as an argument and you might become an international terorist, but oké).

[DeepSpace9er]

Congress will fix this problem with a decree that states that the Federal Government cannot legally be in debt, therefore any 'debt' previously associated with the US government is void.