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REPORT ABUSIVE REPLY
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Message Subject
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READ THIS: the Senate just voted to give Obama an UNLIMITED Debt Ceiling limit!!!
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Poster Handle
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Anonymous Coward |
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Post Content
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[ link to www.politico.com] The Senate plan includes a proposal offered by McConnell in the 2011 debt ceiling crisis that allows Congress to disapprove of the debt ceiling increase, which means lawmakers will formally vote on whether to reject a debt ceiling increase until Feb. 7. Obama can veto that legislation if it passes. If Congress fails as expected to gather a two-thirds majority to override the veto, the debt ceiling would be raised... This has got no sense. You cannot print paper money if you don't have gold equivalent to the quantity of your paper money. How can you raise the debt ceiling if you don't have enough money to even pay the current debt? And your government is just gonna print more paper money to pay for the debt? Backed by what? It doesn't make sense. The more the debt ceiling is raised, the more the debt is piling up. It's gonna be a never-ending debt. It's a loop. Where and when is it gonna end? So the next generation will have to pay for their parents' debt? And the next-next generation will have to pay for their grandparents' debt and so on... Such a vicious cycle. NO one is going to pay this back. They have to be going to hyperinflate, it's the only way people can catch up with the debt. It's the ONLY way this will be paid. For hyperinflation to happen, they would need to print a LOT of paper money. Sure, they can pay ALL their debts with that paper money, but the small bills will devalue, and the prices of goods and services will increase to more than 50%. A lot of people will not be able to buy foods. If they're going to stop the EBT/food stamps permanently, how are the poor people going to survive? I heard they even going to stop the Social Security altogether to decrease government payouts. Sure, cut everything and they can pay back the debts quickly, but the end scenario is very much as bad as if the country goes on a default. There's not really much difference is there? At least by going default, the debt is not piling up and you don't have to print more paper money, and backed by nothing, at that. The way I see it, it doesn't matter whether the country defaults or going into hyperinflation, the outcome has already been determined. The country is just buying some time before the SHTF. How long can you go on printing money while at the same time, the bills are valueless? If you continue this scenario for so long, your country is going to turn into another Zimbabwe.
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