This has of course had all sorts of people up in arms: but the glory of this is that The Donald is exactly correct here, even if we usually prefer that people don’t say so. To prove this point I would mention just four words: Puerto Rico, Argentina, Greece. For what is it that all right thinking people, all financiers, bien pensants and politicians have been calling for in those three cases
That there’s too much debt and thus those who lent the money should be paid back something less than the amount they lent. And one can see a certain similarity between those who argue so and those who are the most horrified at Donald Trump in general. Yet all Trump is actually giving voice to here is the entirely conventional wisdom. When a government owes more than it can pay then we have a sovereign default. Something that can be better or worse managed, entirely true, but this is what we do. In fact, we usually get the IMF in to help it happen, recognising that firstly this is what has to happen and secondly it’s better if it’s properly managed.
So the shock and outrage at what he’s said seems a little over the top. I mentioned yesterday that while this is true we’d all prefer that people don’t mention it too often. But even so, some of the coverage today really is rather de trop.
In the event that the U.S. economy crashed, Donald Trump has floated a recovery plan based on his own experience with corporate bankruptcy: Pay America’s creditors less than full value on the U.S. Treasuries they hold.
The "national debt" is to a bunch of privately-owned banks that have been allowed by our Congress to create new money out of thin air.
It's not real. Paying private banks for the "privilege" of using the money they create is ridiculous. They give us 1s and 0s, and we trade our entire lives for it.
Everyone on GAW needs to be informed about the Federal Reserve, Fiat money, and Fractional Reserve Banking. You want to redpill someone forever... teach them about how our money works. Most of the symptoms of society stem from some combination of our money being worthless, or the people who create the worthless money pushing a Satanic agenda.
Exactly! The debt based fiat system owns the debt. We the people own the credit.
Having a sovereign default is a good thing.
It is a check on government overspending.
If investors know that the government may default (like anybody else) they will not loan the funds when it becomes clear that a default is possible.
In a "perfect world," that would be the case. But, as we've seen for the last 90+ yrs, every time the U.S. reaches it's debt ceiling, [they] just vote to raise it. I don't think this year will be any different.
In the case of the US however, unlike the other countries mentioned, it means automatic loss of reserve currency status. Followed by having to actually compete in the international trade market with true value, not $ fantasy.
Cabal can't have that.
Oh you want to buy oil or titanium? It's in rubles, you have to convert your worthless $$$ to rubles, good luck. This is why it's important to have energy independence & as much self-sufficiency in industrial and agricultural goods as possible.
Meanwhile, the demoncraps and rethuglicans for the last 20+ years have been doing the exact opposite. So when this thing blows, look out below...unfortunately.
Or the white hats step in with some magic stuff and restore some sort of trade semblance. Somehow.
EXACTLY (((WHO))) DO WE OWE ALL THIS MONEY TO? PARK OUR GOD DAMN TANKS ON THEIR LAWNS AND NEGOTIATE THE PRICE
The tanks are currently earmarked for Zelensky, fighting FOR the nazis.
lol, dangit
This is a known tactic - used in the UK for years when people can't pay a large debt. Called a CCJ - you go to the courts to set the amount you can pay back, but you can also negotiate with the bank to pay back a portion of the loan and get the CCJ lifted off your credit report.
I saved over £2k doing that (on a £5k loan) that I would otherwise have been paying off at £9 a month forever (and not be able to get a mortgage due to the CCJ - County Court Judgement).
Well China holds about a trillion US debt. Id tell them to fuck off I am not paying back a country that has infiltrated every aspect of my nation in order to destroy it. They have waged an undeclared 5thGen war on us for 30+ years. They have flooded our country with fentanyl, stolen our intellectual property, engaged in the theft of our elections, bribed and blackmailed our political leaders. China can fuck right off.
So thats a good start.
The DNI report about the 2020 election did show foreign intervention in our election. Biden renewed Trump's EO 13848, allowing us to negate debt owed to a nation that interfered. And to kick their companies out of our country...and take back land owned by them.
So, yea. That debt should be negated. We can use their confiscated assts to recover the rest of the way.
They aren't owed anything; it's all a scam and endless theft.
China will take the deal.