Why Iceland Should Be in the News But Is Not

[Yieu]

Well I'd like to see this clause of the U.S. constitution repealed.

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

Great Amendment clause to put on the table for repeal. We could be out of debt with the scrawl of a pen.

[Danke]

this is a nice read.... buuuuuut... the idea that our own constitution is irrelevant and outdated has been a pretty big idea pushed pretty hard by progressives, with the following thought that it should be scrapped and re-written. and in this day and age, in this country, that's a disconcerting thought for me.

"This document was not the work of a handful of politicians, but was written on the internet."

Worse. Can you imagine Kludge participating in the formation of our future Constitution!

[hazek]

Awesome read! Naturally not reported on.

this is a nice read.... buuuuuut... the idea that our own constitution is irrelevant and outdated has been a pretty big idea pushed pretty hard by progressives, with the following thought that it should be scrapped and re-written. and in this day and age, in this country, that's a disconcerting thought for me.

The U.S. Constitution either gave you the government you have, or it was unable to prevent it. In either case it's unfit to fulfill it's intended role.

I can't understand how people have so much faith in a piece of paper. News flash, if you aren't protecting what you call your rights with your own hands, guns and money, it's not going to get protected.

[Pauls' Revere]

Wow !

Icelanders = New America !

[Working Poor]

Go Iceland. I want to be like them.

[Sullivan*]

Awesome read! Naturally not reported on.



The U.S. Constitution either gave you the government you have, or it was unable to prevent it. In either case it's unfit to fulfill it's intended role.

I can't understand how people have so much faith in a piece of paper. News flash, if you aren't protecting what you call your rights with your own hands, guns and money, it's not going to get protected.

That's the point. Our Constitutional government hasn't been Constitutional for long ass time

[Liberty4life]

Why Iceland Should Be in the News But Is Not
To write the new constitution, the people of Iceland elected twenty-five citizens from among 522 adults not belonging to any political party but recommended by at least thirty citizens. This document was not the work of a handful of politicians, but was written on the internet. The constituent’s meetings are streamed on-line, and citizens can send their comments and suggestions, witnessing the document as it takes shape. The constitution that eventually emerges from this participatory democratic process will be submitted to parliament for approval after the next elections.

^^^^ interesting approace

[The Free Hornet]

yep.like ron likes to say,the problems willl not go away unless the debt is "liquidated".exactly what iceland did.defaulted big time.
ofcourse krugman would love to point out that what helped them get back on their feet was the ability to devalue their currency.(and my retort would be -the currency was already worth much less.it just adjusted to its correct value)

Liquidating and defaulting are not the same. I believe the US govt bought bad private debt - we nationalized it like a bad investment (GM) - that should have been liquidated, i.e., sold on the private market at whatever pennies on the dollar it is worth. Default occurs either way.

I do not believe Ron Paul is calling on us to default like Iceland and that is not what he means by liquidating the debt. Now, were we to default, private investors in other countries may seek the nationalization (bailout of the current investors) of the that defaulted debt as opposed to its liquidation (sold at pennies on the dollar with current investors taking a big loss).

Here's the dirty not-so-little secret. We can pay our debt. We can stop adding to the debt. We can run a nation at the surplus required to pay off the debt in 10 - 30 years. We - as a group - have decided not to do these things.

[donnay]

Liquidating and defaulting are not the same. I believe the US govt bought bad private debt - we nationalized it like a bad investment (GM) - that should have been liquidated, i.e., sold on the private market at whatever pennies on the dollar it is worth. Default occurs either way.

I do not believe Ron Paul is calling on us to default like Iceland and that is not what he means by liquidating the debt. Now, were we to default, private investors in other countries may seek the nationalization (bailout of the current investors) of the that defaulted debt as opposed to its liquidation (sold at pennies on the dollar with current investors taking a big loss).

Here's the dirty not-so-little secret. We can pay our debt. We can stop adding to the debt. We can run a nation at the surplus required to pay off the debt in 10 - 30 years. We - as a group - have decided not to do these things.

[The Free Hornet]

You can use this video to support either side. "Default" is how it "inevitably" ends. That is not Ron Paul arguing we should default. About 2 minutes in, he explains on how we can cut back on government and still pay the necessary bills (social security, debt interest). So I do not see where in here Ron Paul is supporting default on the debt. He is supporting ending unnecessary government spending. I stopped 3 minutes in and it would be my preference if you post your opinion with the video because it can be taken out of context.

If someone intelligent can argue that Ron Paul is pushing for default on our national debt, please point me to that resource as it would be an eye-opener. This is not to say default isn't likely. I think most with a good knowlege of both history and economics would see default as the path we are headed on. The point of a Ron Paul is that we don't need to take that path.

Thanks for playing or thanks for the support - can't tell what you meant.