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  1. #1
    Oberon
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    Default The US Government is Insolvent

    According to Karl Denninger, the US Government does not have enough income to meet its financial obligations (not even close), and will not for the forseeable future (again, not even close).

    And the difference cannot be made up by raising taxes.

    The Only Part that Mattered

    What happens when the first Fed check bounces, I wonder?

    -da mouse

  2. #2
    Don't Judge Me! Haphazard's Avatar
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    All the baby boomers will be sent to death camps.
    -Carefully taking sips from the Fire Hose of Knowledge

  3. #3
    Oberon
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    Quote Originally Posted by Haphazard View Post
    All the baby boomers will be sent to death camps.
    No... but I could easily see a wholesale revamping of the medical entitlements into a mandatory single-payer healthcare system.

    We'll get our healthcare reform one way or another.

  4. #4
    Don't Judge Me! Haphazard's Avatar
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    Quote Originally Posted by oberon View Post
    No... but I could easily see a wholesale revamping of the medical entitlements into a mandatory single-payer healthcare system.

    We'll get our healthcare reform one way or another.
    How would that help anything if there's no money left?
    -Carefully taking sips from the Fire Hose of Knowledge

  5. #5
    Welcome to Sunnyside Mondo's Avatar
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    Wait- so the Fed is still trying to get out of debt? I thought they gave up on that years ago!
    MBTI Type: iNTj
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  6. #6
    pathwise dependent FDG's Avatar
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    Well, a large amount of countries (and actually, the largest majority of firms) do not possess enough yearly income to meet their yearly financial obligations. The solution is quite simple: debt rollover. Since the US are a sovereign country when it comes to money-matters (something which cannot be said of EU countries, for example), it's technically impossible for the US govt to be "insolvent" - the govt can still always "print" more money. Which means that everything has to be translated in terms of rampant inflation, if an insolvency-like situation were to occur.
    ENTj 7-3-8 sx/sp

  7. #7
    Don't Judge Me! Haphazard's Avatar
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    We could always give up on making these



    but because they're so fantastically awesome, I have a feeling that's not going to happen.
    -Carefully taking sips from the Fire Hose of Knowledge

  8. #8
    Oberon
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    Quote Originally Posted by Haphazard View Post
    We could always give up on making these



    but because they're so fantastically awesome, I have a feeling that's not going to happen.
    I get the distinct impression you didn't read the article at the link.

  9. #9
    Oberon
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    Quote Originally Posted by Mondo View Post
    Wait- so the Fed is still trying to get out of debt? I thought they gave up on that years ago!
    Yeah, they did... but you can't go on like that forever. Eventually there comes a crisis point. The question is, what form will the crisis take?

  10. #10
    Don't Judge Me! Haphazard's Avatar
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    Quote Originally Posted by oberon View Post
    I get the distinct impression you didn't read the article at the link.
    Well, it goes back to my original point.

    Send all the baby boomers to death camps.
    -Carefully taking sips from the Fire Hose of Knowledge

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