Daniel Hannan MEP

When you can't pay your debts & nobody will loan you money to pay them you are bankrupt. When nobody wants to deal in your currency you as a nation is bankrupt. From the etymology of the word. Learn to use a dictionary!

bankrupt

1533, from It. banca rotta, from banca "moneylender's shop," lit. "bench" (see bank (1)) + rotta "broken, defeated, interrupted" from (and remodeled on) L. rupta, fem. pp. of rumpere "to break" (see rupture). The verb is first recorded 1552. insolvent 1591, "unable to pay one's debts," from in- "not" + L. solventem "paying" (see solvent). Originally of one who was not a trader; only traders could become bankrupt.

That's the fuzzy kind of thinking you get when you drink to much Obama-Juice. The government can't pay it's debt unless it gets income from taxes or sell bonds to private & foreign investors. If they spend more than all they get from taxes & the sale of bonds & other securities the USA credit rating will go down & nobody will invest in the USA bonds & securities. If the treasury continues to print money beyond that the value of the dollar decreases & inflation happens just like Zimbabwe & Germany during the world wars & others; even the confederate government during the Civil War - all currencies devalued to the point that they couldn't purchase anything anymore.  At that point I say the country is bankrupt. You can only rob the tax payers so much & the rich will leave & the poor won't work. There is a tipping point where it is not worth working to give all your money to the government so that they give out free bread & circuses to everyone.  At that point revolutions happen & they will throw out the government.  Obama's recovery plan is a farce & his predictions about future income are incredible.

OTOH, why work if the government gives you free bread & circuses without doing so: free healthcare, food stamps, free transportation etc., rent vouchers, public schools - the liberal Utopian paradise!

"how long you would work if the government took all your money."  yep, ridiculous exaggerations are funny.   Did you hear the one about Geitner devaluing the currency?

Hey here's another good one ... Michele Bachmann: Obama is Plotting To Abandon Dollar As U.S. Currency.  ROFLOL

So here we go ... note the expiration date

Well, let me see how long you would work if the government took all your money.  That only works in a totalitarian state like Soviet Union or Red China where the army re-educates you to work for the state.

Great work - you go to the head of the class in Alinsky's Rules for Radicals for a perfect use of ridicule & sarcasm; abandoning reason & substance or the subject!

Wise move ... especially when words like "at that point revolutions happen & they will throw out the government" is not just radical it sounds like sedition to me.

I'm still not taking your RWG bait.

FYI, wikipedia on sedition. Pluck thy head out thy ass dear bro.

See this article UN panel touts new global currency reserve system if you think it's just a fantasy.  Remember also Gresham's Law - bad money drives out good: see the Wikipedia on that idea. An amalgamation of currencies subject to UN politics is just another nail in the coffin of American sovereignty.

BTW it is the same sentiment as "throw the bums out" but more systemic. When the government is broke & private enterprise is castrated you will have a dysfunctional government & country & is is just a simple fact that a revolution will occur. I am not advocating any violence at all.

All static aside, both Obama and Geitner have come out against a new global currency reserve.   They have both asserted that the dollar is strong and no such measures are necessary. Such a reserve would not appear to be in the best interests of the United States.  But it is easy to understand the foreign governments concerns.  We cannot fault their desire to back their currency on something stable especially if the dollar is going to come under severe inflationary pressure.  If you think that hyperinflation is in the future, then, if you are prudent, you will be looking for a hedge.  I expect that were this thing come to be it would be imposed on the dollar from the outside rather than with the support of the US treasury. Me i would prefer a basket of commodities rather than a basket of currencies ... that would be my personal headge ... what is your personal headge?  In any case clear thinking about this will be facilitated by ignoring all the inflamatory static floating around.

Yep, pressure from the outside will decrease the less we spend here at home. The pressure will decrease from outside the less we inflate & print money. The pressure is coming from places like China who buy billions of dollars of our government debt. I've said this all before, but you can't hear it. Obama & Congress are going in the opposite direction trying to spend our way out of a recession. Won't work! You can't reinflate the real estate bubble. Actually, the threefold solution is not to bury money in the ground at all. 

I'll get a to that solution later.

& now look at the debt figures:
Friday April 17, 2009, 7:45 pm EDT

WASHINGTON (AP) --

Total public debt subject to limit April 16         11,125,587
Statutory debt limit                                       12,104,000
Total public debt outstanding April 16              11,183,899
Operating balance April 16                                  257,351
Interest fiscal year 2009 thru February                  148,762
Interest same period 2008                                  198,518
Deficit fiscal year 2009 thru February                    764,525
Deficit same period 2008                                     264,541
Receipts fiscal year 2009 thru February                  860,877
Receipts same period 2008                                  967,153
Outlays fiscal year 2009 thru February                1,625,402
Outlays same period 2008                                 1,231,694
Gold assets in March                                             11,041

**** looks bankrupt to me!

Those numbers are in million$$$$