Geithner Say U.S. Insolvent.

Originally posted by Alethea
reply to post by FlyingJadeDragon

 

So what are the scenarios if the limit is not raised? What happens when "insolvency" is declared? How will this affect the nation in general, and the people individually? What is worst case? What is best case?

Does it simply mean imports are cut off? The welfare checks dry up? What should we expect?

Can "insolvency" be a good thing as a catalyst to bring about something more stable in the future?

What does it all mean to the common man?

If the deb ceiling is not raised, it would be good news for the next generations. They may not or will have lesser debts to pay for borrowings to fund current spending.

Thing is, if there is no money comming in today, do you think there would be even a future at all????

But there are ways to get round the issue of money comming in.

1. Trim the military budget even further and recall all bases. Make do with improvisations and cannibalise parts of existing equipment till the economy grows.

2. Close down DHS and TSA as they had proven themselves utter failures at stopping terrorism, and with the fundings saved, increase the budgets for FBI and state security agencies to do a better job.

3. Raise the taxes of american corporations and american overseas. This is a time of national pain and solidarity, if they fail to respect that, then they are not americans but self centred individuals.

4. Every american will have to pitch in, including those on social welfare and subsidized education. Let those who really need it take it, but those who can work, go get a job. The pain will be temporary as once the economy grows, a better life can be had for all.

5. Every legislator will have to work harder to convince every american to pitch. It is their job through grassroots network to reach out to their constituents. And they must never forget the sacrifice made by every american at its darkest moment, and fight to ensure the sacred Constitution is protected from tyranny. Any other issue will have to put aside, not forgotten, but to lead the people to greater heights today. These are only some examples and I am sure there will be better ones by those who are of far more higher intellect than the insignificant me.

A national will and shared direction towards goals is necessary to overcome the difficulties of today, but it needs a leadership based on integrity and honour, to put aside differences and prejudices in the fight for a nation's survival in the gloomiest dawn that ever came upon America. It begins at the grassroots, - you and me

reply to post by SeekerofTruth101


Perhaps you’re right. They all seem like good ideas but I have to wonder where the political unity and will on this will come from? And,would it even be possible to implement such a large-scale plan given all of the factors involved?

Just things to ponder. Sometimes money isn't the only thing standing in the way...

Yesterday morning, i was watching a history channel documentary on the french revolution..thats what this FED financial mess makes me think of. Loui the 14th and marie antoinnette. They had funded the americans ( france) without being able to afford it, the revolutionary war. Marie antoinnette had a terrible spending habbit, buying and wearing over luxury cloths, hair ornements, and food. all at french taxpayers expense..hence forth why she wa beheaded... price of bread, at that time, bread was people wine and foo of choice* specifically flour* doubled in price..thier were riots tha broke out, and bread store lootings. the deputys in the french parliament hung out in some room next door, organizing a new group of unheard....just like today kinda! the deputys also took part in the riot, beheading an appionted financial guy, maximillion i think...beheaded him and put his head ona pike and took it around town, as townspeople alike took part in parading it around town.
all this financial mess seems to fit what we are going through today..the only thing is..no one with few exeptions, in our congress, is willing to fight back and reolt agisnt our tax money abuse, and the people of the public, rapes over time and again taxpayers, arnt fighting back....i would like tot otaly see a french revolution break out here! that would e interesting...its a mesgae you, our leaders got greedy and messed up..time to pay the pipe.that includes CEO's as well, since thier responable for infilitrating the white house*

How could one of the principle architects of the global financial calamity declare the US insolvent? I thought we had an unlimited credit card?

It is trillions of made up money. The only ones who will suffer are the clowns running the scam.

Geithner is con man.