Unsustainable debt: A libertarian dream - page 2.

Hawker

legendary

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Quote from: ALPHA. on November 16, 2011, 04:15:36 PM

Quote from: Hawker on November 16, 2011, 03:57:06 PM

As long as the dollar is the global reserve currency, you have nothing to worry about.

The oil companies are thinking about dumping it pretty soon.

They will stop using Sterling for Brent Crude long before they stop using the dollar for West Texas Intermediate. And there is no sign of that happening anytime soon. So whoever told you otherwise misled you.

Rassah

legendary

Activity: 1680

Merit: 1035

While the government may become more open to legalizing certain businesses for tax revenue, we are also coming up with new technologies to avoid doing business in the old way and avoid paying taxes. Bitcoin is a perfect example. I think as government keep pushing for more taxes, censorship, and copyright controls, money, information/data, and business will become more and more decentralized, with stuff like buying and selling privately in secret overseas without declaring income, running data distributions through mesh networks, etc.

ALPHA.

newbie

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Quote from: Hawker on November 16, 2011, 03:57:06 PM

As long as the dollar is the global reserve currency, you have nothing to worry about.

The oil companies are thinking about dumping it pretty soon.

ALPHA.

newbie

Activity: 42

Merit: 0

Quote from: DeathAndTaxes on November 16, 2011, 04:04:46 PM

Our debt load is so high that ever 1% increase in borrowing costs results in $160B a year spent in taxes.

Say we actually did balance the budget today and the yield on our debt rose 3% we would be looking at a $500B annual deficit ($5 trillion over 10 years since the snakes in Washington like to use that double speak).

Given US debt is at historical lows, the more is becoming less of a dollar hegemony and all the talk about "austerity" in the US is gnashing of teeth about reducing the deficit (not actually the debt) over a DECADE, I don't think we have anyone by the throat ... except maybe ourselves.

The Federal Reserve is not ourselves. It is a powerful organization that is not under our jurisdiction.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Our debt load is so high that ever 1% increase in borrowing costs results in $160B a year spent in taxes.

Say we actually did balance the budget today and the yield on our debt rose 3% we would be looking at a $500B annual deficit ($5 trillion over 10 years since the snakes in Washington like to use that double speak).

Given US debt is at historical lows, the more is becoming less of a dollar hegemony and all the talk about "austerity" in the US is gnashing of teeth about reducing the deficit (not actually the debt) over a DECADE, I don't think we have anyone by the throat ... except maybe ourselves.

Hawker

legendary

Activity: 1218

Merit: 1001

The US debt level is high due to the boomers not producing enough babies to cover their costs but its not alarmingly high. As long as the dollar is the global reserve currency, you have nothing to worry about.

Remember the old saying: If you owe someone a million dollars, they have you by the throat. If you owe someone a trillion dollars, you have them by the throat Cheesy

ALPHA.

newbie

Activity: 42

Merit: 0

I disagree with you based on your premise that there will ever be incentive to lower the debt. Our monetary policy is provided by a private organization that thrives on debt and they own the majority of it: It's called The Federal Reserve. The greater the debt, the larger the amount of the US's wealth they own. They'll happily hold claim over the political collateral that is the US and its citizenry any day over being paid off.

Your dream is a false one. The truth is the greater the debt, the greater our benefactor's power. Little can stop this machine especially the pretentious old men on capitol hill. They were the ones that signed this nation over to The Federal Reserve in the first place.

The only conclusion is the banker's continuing their endless cycle of laundering through their international monetary regime. They continue to dilute our money while they increase theirs (Gold). As they do this, the further we dive into slavery all made possible by worthless paper we consider wealth.

In summary, don't put your faith in puppets.

mokimarket

sr. member

Activity: 422

Merit: 250

I know many libertarians are doom-and-gloom about the US debt, but I for one take cynical glee in this whole situation.

Currently we are faced with a continual increase in our debt, along with the political inability to raise taxes or cut spending in any meaningful way. The only way out, without raising taxes or cutting spending, is to legalize and regulate some activities of the black market. There are tons of revenue streams, in online gambling, prostitution, and drugs (illegal and pharmacutical) that the US can easily tap into and would be a libertarians philisophical wet dream.

And it just seems that in boom-times (Reagan and Clinton era) nobody really took any of these arguments seriously; but I believe times like these are forcing society to come to terms with logic...we can't afford to continue criminalizing nonviolent market activity just because we don't like what it is.

I just don't see society ever acting on this freedom agenda unless it are in a crisis like we are in now...so I applaud the debt and the do-nothing congress. Just my cynical side speaking

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