US National Debt

[Peter Griffin]

But there's just no way we end up in a situation like 1930's. But doesn't mean it can't spiral either into somthing bad too that could hurt millions of people.

Never say never, our government has to default on our trillions in debt at some point. If this volatility continues regarding the banks, I could definitely see this getting out of hand.

 

[Torch]

our government has to default on our trillions in debt at some point.

I would very much like to agree with you, but the government can print its way out. They can get inflation back up to high 19%.

Next they simply devalue their liabilities with inflation.
You will pay $100 for a loaf of bread, etc. Minimum wage will also be almost $100.

 

[Peter Griffin]

I would very much like to agree with you, but the government can print its way out. They can get inflation back up to high 19%.

Next they simply devalue their liabilities with inflation.
You will pay $100 for a loaf of bread, etc. Minimum wage will also be almost $100.

Well, I guess at that point it won't matter. People will be starving and looting the streets

 

[Peter Griffin]

Well, I guess at that point it won't matter. People will be starving and looting the streets

If the minimum wage ever gets that high, companies will have every incentive to automate. Will completely destroy any notion of a lower class.

 

[intel-bank]

If the minimum wage ever gets that high, companies will have every incentive to automate. Will completely destroy any notion of a lower class.

Maybe things should be automated, we just need to make sure our system is built to handle it and not cause widespread extreme poverty.
It will lower inflation, probally cause deflation, and potentially help prevent a serious stagflation-depression which would/will occur if our system starts to fail right now.

Right now, I prefer that we continue to keep the system up on props until we can actually prevent inflation after the crisis that is going to occur within the next 10 years whether we like it or not. Kind of a, high inflation and deep inflationary depression, or high inflation followed by a deflationary depression.

 

[Torch]

Well, I guess at that point it won't matter. People will be starving and looting the streets

We were there in 1980. Prime was 20% Thats why Reagan was elected by every state but one*.
IMO: His Job “ unfrak the economy, find oil (even if we have to goto war), and screw over the Soviets however possible.

*in the 1983/84 election.



He went 3/0 and probably he and Obama were the only ones who could have realistically won a 3 term (IMO)

 

[Totality 🇺🇦 🇮🇱]

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[Torch]

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Great article! Short and concise!!!
“A must read”

 

[Totality 🇺🇦 🇮🇱]

Never say never, our government has to default on our trillions in debt at some point.

We are very far away from defaulting on our debt. Besides the debt we have now is already agreed on and can pay off in payments over long periods of time.

It's the new debt or the ability to get new debt may become a issue though. But existing debt different story.