Sobering thoughts on the national debt

[Marlin]

I haven't really been convinced the Tea Party is about tax issues since they don't like Ron Paul. He's the only congress critter I've seen that actually walks the walk on budget items.

H.

On more than one occasion, the good Dr. has been known to stuff pork for his district into dem spending bills that have no chance at failure. But, He can take the high ground, vote against it and then, act all outraged at the "uncontrolled spending".

From the research I have done on him, He is the living definition of hypocrite

[tmckay2]

So in other words George Soros is the only one that can save us now.
When ya put it like that ya may as well just give up here and now.

oh i have given up. i have zero faith enough people will get their act together to do anything about.

lest we forget, we aren't talking about balancing the budget so that we don't have a deficit. we are talking about needing to PRODUCE gains so we can pay down on the debt. do you really think that will ever happen? we will have to slash so many programs and money so many politicians have promised so many people, that there is NO WAY you can ever get enough politicians to agree on it. ever.

i mean having no deficit sounds all nice and good but its like being in mjaor debt yourself and then being super happy when for once in your life you don't spend more than you make. nevermind that you still have the debt and all the interest.

[nogaroheli]

Dramatically cut spending (including military) and raise taxes.

I'm all for DRAMATICALLY cutting spending, all about it- but you lost me with raising taxes. Raising taxes stifles economic growth, MAYBE you get a short spike in revenue but that's short lived. That revenue doesn't come close to matching what you'd see if you cut taxes and actually leave money in the hands of job and revenue creating businesses (they even us taught that in a hippie state college...)

[sniper7]

basically we need another world war, and china needs to be involved. far as I know, they own most of our debt.
I really don't see, and I don't want taxes to be raised. I also don't see politicians, the fed, states, and local .gov bringing spending down into limits.

[ChunkyMonkey]

We simply cannot sustain borrowing to spend. The interest payment alone will over take the fed income. God forbid, we will follow EU foot step where personal income tax is double of the US rate and 'everything' is provided by the govt.

IMHO, forbidding the Federal Reserve from purchasing the Federal Debt will put some sense into everyone in this country from bottom up in a hurry - well we would go into hyper inflation first

[Bitter Clinger]

For those that don't know, our country was entirely funded by tarrifs for a very long time. Can you imagine no income taxes or fees whatsoever? Yup.[/quote]

You just made every politician shit their collective pants.

[Mtn.man]

What we are heading for is a complete collapse of the country.

For example look at Britain in the 70's when no one would take their money because they were broke. They rationed electricity, food etc. 10 years of that shit.

We have printed so much $$ that other countries are going to stop taking the American dollar, they will require some other form of payment.

Another example is Yugoslavia, pure pandamonium when the country went broke.
If you think it can't happen here you live under a rock, as it has already started.

Tim Gietner was just on TV saying the US currency will not be devalued, HA that is a huge lie, and that was the warning to the people to wake up. China has already started getting out of the dollar, it holds more of it than we do, they are dumping US currency.
Several other countries are posting signs in their store fronts saying NO US DOLLARS.

All the scenarios on the SHTF are coming to fruition.

Some of the smarter companies in NY are accepting Euros, or gold only, Hmm wonder why... The FED reserve ain't FED, and private banking will bring us to our knees.
A so called rumor which isn't really a rumor is that the world powers want to have 1 currency the Bancor, and 1 central bank to manage this currency.

It takes a little studying and some research but you can find all of this yourself.

Just because you say It hasn't happened it won't happen here is sign you are no smarter than the jews that stayed behind in Germany believing Hitler was the supreme leader.

[mr_dove]

I'm curious what a full financial collapse in the US would be like. How would one go about preparing for such an event to minimize the damage to my family?

[Bailey Guns]

Invest in precious metals...copper, lead, brass.

[Mtn.man]

I'm curious what a full financial collapse in the US would be like. How would one go about preparing for such an event to minimize the damage to my family?

Expert finacial advisers say...Gold, Silver.
stock up on staples as they will be expensive or non existant (see Katrina)
Ammo is probably going to be non existant, so buy when you can.
Doesn't so much matter about the weapon as long as you can do the job.
Start a garden in boxes or small area if you live in urban areas.

Hey there has to be a reason Soros and other millionaire/billionaire SOB's are hording precious metals, and converting to solar on almost all ther homes.