Ron Paul : The US Government's Debt Can Never Be Repaid!

[qwerty]

YouTube - Ron Paul : The US Government's Debt Can Never Be Repaid! (http://www.youtube.com/watch?v=UI8r0nOC5nM)

http://www.reddit.com/r/Libertarian/comments/b8odo/ron_paul_the_us_governments_debt_can_never_be/

[dean.engelhardt]

In the future I see Canada closing their border from a flood of U.S. immigrants stealing Canadian jobs.

[xd9fan]

...so do I.....

[slothman]

Does that mean you are against Americans going to Canada to get jobs?

[furface]

Of course U.S. government debt can be repaid. Bernanke and his printing presses say it can.

Americans still know how to make things and America has natural resources, unlike Iceland and Zimbabwe, both of which had currency collapses.

There's nothing on the horizon that can cause a currency collapse. Even if the Fed printed trillions of dollars and loaned it to the Treasury at 0% interest to pay back the national debt, I doubt it would collapse the dollar. Countries like China, Japan, Saudi Arabia, etc want our business and will always be willing to accept dollars in payment.

This is a political issue, not an economic one. Maybe if world politics changed, U.S. would be forced to stop printing money, but not until then.

http://www.presstv.ir/detail.aspx?id=119888&sectionid=351020101

[tmosley]

America has natural resources, unlike ... Zimbabwe,

:rolleyes:

Zimbabwe is one of the most resource rich nations on the planet.

[furface]

:rolleyes:

Zimbabwe is one of the most resource rich nations on the planet.

Those resources don't happen to include people with skills. There were people like that, but the government scared them all off when it went on a nationalization binge, confiscated property, and gave it to political cronies.

Iceland is the opposite of Zimbabwe, lots of skills, but no resources. Fish and geothermal power seem to be abundant, but you can't base an economy on that. You need both natural resources and skills.

[Scofield]

Those resources don't happen to include people with skills. There were people like that, but the government scared them all off when it went on a nationalization binge, confiscated property, and gave it to political cronies.

Iceland is the opposite of Zimbabwe, lots of skills, but no resources. Fish and geothermal power seem to be abundant, but you can't base an economy on that. You need both natural resources and skills.

What skills do Americans have?

[fatjohn]

What skills do Americans have?

Ding ding ding, we have a winner!

[LDA]

What skills do Americans have?

We can eat. That's a skill, right?

[Danke]

We can eat. That's a skill, right?

Hell ya!


http://www.losthorizons.com/Newsletter/sat7.jpg


And we are good at video games too!

[dean.engelhardt]

There's nothing on the horizon that can cause a currency collapse. Even if the Fed printed trillions of dollars and loaned it to the Treasury at 0% interest to pay back the national debt, I doubt it would collapse the dollar.http://www.presstv.ir/detail.aspx?id=119888&sectionid=351020101


So you are saying monitizing the debt would not cause a major collapse of the dollar? You are a glass half full kind of guy aren't you?

[tmosley]

Those resources don't happen to include people with skills. There were people like that, but the government scared them all off when it went on a nationalization binge, confiscated property, and gave it to political cronies.

Iceland is the opposite of Zimbabwe, lots of skills, but no resources. Fish and geothermal power seem to be abundant, but you can't base an economy on that. You need both natural resources and skills.

75% of the American work force either works for the government, or is assigned to deal with the government in some way. Not one of them has any productive skills.

Many of the remainder only know how to do things in an antiquated fashion imposed on them by regulatory regimes. America MAKES NOTHING. Until recently, we made the best weapons systems, but we are losing that race too.

[andrewh817]

Of course U.S. government debt can be repaid. Bernanke and his printing presses say it can.


This statement is EXTREMELY naive. Leaders in China, India, and every other country we borrow from knows we can never pay back the debt WITHOUT printing money. You really think they're going to be satisfied with being paid back a hyperinflated currency? Sure in dollars the debt might be gone but in value the debt's still going to be there and will probably at least lead to trade embargoes.
We're going to go through a very difficult transition period when this happens, as we're actually going to have to produce our own goods again, and we're definitely not equipped for that ATM.


Countries like China, Japan, Saudi Arabia, etc want our business and will always be willing to accept dollars in payment.


There's where you'd be wrong. China and Japan are some of the biggest exporters in the world. Their dependence on exports is just as bad as our dependence on imports. These economic imbalances can only last as long as we can borrow money from them.



Maybe if world politics changed, U.S. would be forced to stop printing money, but not until then.


Maybe you haven't heard about the conferences held by Asian politicians and bankers to create a new currency backed by gold. If this does happen, why would any investors invest in a fiat currency like the dollar when they could invest in a far more stable currency? Eventually if this currency comes about, it will be the new reserve currency for buying oil, and THAT is when the US dollar collapses.....