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Author Topic:   The Debt Clock
caffeine
Member (Idle past 1015 days)
Posts: 1800
From: Prague, Czech Republic
Joined: 10-22-2008


Message 66 of 114 (819541)
09-12-2017 1:47 PM
Reply to: Message 65 by Phat
09-12-2017 11:36 AM


Re: Understanding Money
I think the problem is even deeper. I believe that the entire financial system is based on borrowing, and is destined to fail. Watch this 9-minute video and tell me if you agree with the premise.
What Is A Bailout
I gave up when he started claiming bank notes were not legal tender.
A thought on the debt ceiling - the article you quote earlier mentioned that about a quarter of US government debt was owed to the federal government. So what happens if the governments writes off debts to itself?

This message is a reply to:
 Message 65 by Phat, posted 09-12-2017 11:36 AM Phat has replied

Replies to this message:
 Message 67 by Phat, posted 09-12-2017 4:41 PM caffeine has replied

  
caffeine
Member (Idle past 1015 days)
Posts: 1800
From: Prague, Czech Republic
Joined: 10-22-2008


(1)
Message 70 of 114 (819623)
09-13-2017 3:29 PM
Reply to: Message 67 by Phat
09-12-2017 4:41 PM


Re: Understanding Money
It can't...because the debts to the government are the debts to the social security trust funds. Look at it as a debt to future obligations.
I'm not really getting this. If there's not enough money in the social security trust fund to pay social security; then the government would just have to pay the payouts directly, wouldn't it? So what's the relevance of the government owing money to it?

This message is a reply to:
 Message 67 by Phat, posted 09-12-2017 4:41 PM Phat has seen this message but not replied

Replies to this message:
 Message 71 by jar, posted 09-13-2017 4:29 PM caffeine has not replied

  
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