Quote:
Originally Posted by KC911
Is 2022 any worse than 1968 ... I don't think so really.... warts and all.
The vast majority of the debt is owed to us/US... yep, the cheap, easy credit has lead us to this addiction, but nothing a good ol' "cold turkey" can't cure. Still wouldn't trade the USA economic situation with anyone elses'.... we've just got to do it... either by choice or harsh reality.
It won't be by choice.... it rarely is, but once in a while a junkie just quits the addiction... jmho.
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Financial institutions that include PENSION FUNDS... SS in particular...
The FED is holding 25% of US govt debt...38% of all 10 and 30 year Treasuries..
Cold Turkey means what gets cut....cut SS and see what happens. Who is going to pick up the tab of supporting Ma and Pa....the kids...and that will break the budget of most American families.. and that means the end of the Global Economy of Scale.. Cut the military budget..and the MIC gets laid off...cut welfare...and the poor conduct peaceful protests..they will come to your home and ask for a handout.. These were some of the reasons why they did not go "cold turkey" back in 09.
You are right it will not be by choice...
With rising interest rates the govt is going to have to devote more of the GA revenue to paying the debt service...all things being equal that means the govt has to borrow more to keep up just with the current level of expenditure.. Now you want to add in the New Green Deal and or Build It Back Better...whoops how does that get funded?
Every which way you figure this thing there is a Catch 22 that leads to downfall. So that is why "just ole fashioned Cold Turkey" ain't gona save the system. The system is Tot..finished, finito.
I did the calculations back in 09 and that is why the domed and glomed. It has just taken 13 years for you Boyz and the rest to get to the point where ya are figuring it out. The Beast is now staring you in the face...
And yes it is worse than 68, in 68 the US was the richest and most powerful nation on earth..today we are bk..
KC you are still hanging on to hope...which is now a delusion..