What If - The US declared insolvency and went bankrupt?
Submitted by Ralph Waldo on Thu, 12/10/2009 - 08:59
Just as Mexico, Ecuador, Russia and Argentina have done in past and other countries like Greece are now considering - what would be the outcome(s) if the US went bankrupt and declared Insolvency?
Here are a number of things that could happen:
1. It would put an end to the global military empire and bring the troops home.
2. It would relieve the next 3-5 generations of America of a mountain of debt they had no responsibility in creating.
3. It would keep some of the international crooks who have scammed the American people for the last 100 years from ever getting paid.
4. It would bring to a halt the outrageous spending ways of the self-appointed royalty in DC.
Then the Dollar would no longer
be the world reserve currency. That would hurt America financially because America receives a premium (like a fee) every time something is bought with the dollar reserve currency. An example:
Country A wants to buy oil from Country B but Country A does not have money Country B is willing to accept. So Country A takes their money and converts it into dollars and pays Country B in dollars. Country B gladly accepts dollars. The dollar being the American "money" America receives a % of the deal because they are using our "money".
Now if the dollar is no longer the reserve currency and say China's money is then we lose the %/fee and China gets it. Plus we have to pay a %/fee to China because we would be converting our "money" into Chinese money. That's why Ron Paul's new Currency Bill makes so much sense - see it here:
http://www.dailypaul.com/node/118556
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In my opinion, the US will
In my opinion, the US will not go bankrupt in the literal sense. It will rather be done by destroying the currency.
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that's right
There is no reason for insolvency or bankruptcy as the government can borrow unlimited amounts that are purchased by the Federal Reserve.
This scheme wouldn't work if FRNs were backed by something tangible.
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There is a rumor that Tim
There is a rumor that Tim Turner has $92 trillion in liens filed against 100,000 or so public officials, and he is hoping to get them cured before the Chinese raid our Treasury for good. He also says TeamLaw has the whole de jure republic government set up and that many higher ups are ready to put it in place when the de facto corporate U.S.A., INC. folds. Sounds good to me!
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We did a few times in history actually...
I reserve the right to govern myself.
I reserve the right to govern myself.
so what ...SO WHAT.................
who really cares.. as long as you are kept warm and fuzzy by the status quo you dont really give a darn... SO WHAT ...
We did on March 9, 1933.
Read HJR 192.
The sorry history of US monetary defaults
That bill, HJR 92, illegally defaulted on gold certificates (currency) held by US citizens, but not foreign banks. It confiscated physical gold held by US citizens and replaced the gold with paper. A little later FDR devalued the gold certificates held by foreign banks by 41%. Then in 1971, under Nixon, the US reneged on gold convertibility completely. The US has yet to default on bonds.
You read my mind
I clicked on reply to write just what you already had.
Canada did, as well as Britain and a handfull of other former countries.
The corporations took over a long time ago, that is why there are no real elections and no real democracy and no real republic. It is all a sham.
I for one will never vote again. The gig is up. The corporate tyrants have won. There is only one way out. FULL blown Revolution, hopefully not a bloody one but a Revolution non the less. It is now or never.
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Ron Paul 2012 - Not just for America, for the World!
each has a role
I suspect you would be an asset to the freedom+liberty movement if you got yourself a seat on a city council or water board or sanitation board. Have you thought about being useful in this way?
http://FlipFlopRomney.blogspot.com
those four possibilities
sound pretty good.
The problem is the unintended consequences we will be forced to endure.
After we stop our military aggression we will still be faced with many angry people bent on getting even, can't blame them.
When the government stops funding all the social programs, look out. There will be many people struggling to get by which will undoubtedly cause a crime wave.
The chaos may lead to the worst case scenario. Complete government takeover and war in the streets.
The sad thing is, I'm beginning to believe there's no other way. A bloody revolution may very well be our future.
The alternative is to let the system continue which eventually ends up with a complete government takeover, war in the streets and bloody revolution.
Reality sucks sometimes.
Miamisburg, Montgomery County, Ohio
We have been bankrupt since
We have been bankrupt since at least 1930. That is why we have this money from nothing scheme because there is no money we operate in bankruptcy trading debt notes as if they were money. They took the gold and silver in 1933 and we are stuck with the fiat system. You have never paid a debt in your life we only discharge debt with these notes period because we are operating in a bankruptcy.
The whole charade that we are still solvent but on the edge of bankruptcy is contrived, the entire financial crisis is contrived and it is a taking of wealth by the banksters. Who gets the all the property from foreclosures? The banks who are all agent banks of the Federal reserve who is the agent for the IMF! Who gets the taxes? The federal reserve and IMF! period. We are nothing but debt slaves to these people
Here is some good history of what has happened:
http://www.barefootsworld.net/usfraud.html
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End The Fat
70 pounds lost and counting! Get in shape for the revolution!
Get Prepared!
Great info
Thanks
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Ron Paul 2012 - Not just for America, for the World!
I guess I don't know enough about it to grasp what you are
saying. Can you put it on a very elemental basis - say 5th level?
We did it already
The Government went bankrupt and a reciever was established. They gave it a familiar name. It's true. A crying shame but true.
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As I understand bankruptcy, it wipes the debt away
free and clear. So if we as a country went bankrupt, then that would have freed us from any debt and we wouldn't owe anyone, unless of course you go right back into debt.
What I am saying is - whatever debt we owe now, could be discharged and we start all over!
Most of our debt is to the banksters. I say we declare "F-U"
.
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Hopefully it would put an end to the federal government,
just as the USSR ended from its debt burden.
But if the US did survive as a nation, I seriously doubt that #4 on your list would happen. Being relieved of the burden of debt, the gangster politicians in Washington, DC would just take that debt relief as a signal that they could then spend even more with the money that they would otherwise have paid out on debts. Of course even without formal repudiation of the debts, they today don't really pay their debts; they just roll over the principal and borrow more to pay the interest.
"The deepest sin against the human mind is to believe things without evidence." Thomas H. Huxley
We could reform under a different name like
The United Sovereign States of America
Or groups of States with common interests could form
several new nations, possibly better controlled by the citizens. Clearly a government, governing a territory the size of the US is easily usurped by special interests.
"The deepest sin against the human mind is to believe things without evidence." Thomas H. Huxley
What a great idea!
Somebody shoulda thought of that about 233 years ago!
No longer unthinkable
Moody's is considering the possibility. They are making noises about lowering the rating on USA debt from Aaa. Link ...
Just print more fiat
Just print more fiat currency, like they are doing now. We are already bankrupt.
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny."- Thomas Jefferson
There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan
"Invest only in things that you can stand in front of and pr
Under the current system of creating money out of thin air,
and loaning it into existence, the federal government would only go deeper into debt to the banks who have the government granted privilege of creating new money supply. So as long as the monetary system remains the same as it is, they cannot escape debt by printing.
Of course it is possible they might change the monetary system, and print their own greenbacks, spending them into circulation as opposed to the current system of borrowing them into circulation.
Since the last major collapse of the money and banking system back in the 1930's, there has been a long expansion of the money supply. Back at the bottom of the 1930's depression, the M2 money supply was about $50 billion, while today it is $8,300 billion. All of this increase was created on the books of either the local banks or the federal reserve bank and loaned out at interest (quite a scam would you say). So while the banks put these loans on their books as assets, they also put the checking accounts and federal reserve notes on their books as liabilities. All the money in circulation is bank debt except for the minor amount of metal coins.
The danger of the federal government either formally defaulting or attempting to switch the monetary system so that they can bypass the banking system by printing their own greenbacks and spending them into existence is that either such action would collapse the banking system and wipe out everyone's checking and savings accounts, in a similar fashion to the 1930's collapse. Looks to me like they are between a rock and a hard spot.
Add in the pressure from insufficient energy to fuel the industrial age, and it looks as if we face perpetual economic contraction which means declining income for everyone, including the federal government. Declining income means much less debt can be carried.
All in all, serious monetary collapse is on the horizon, and it seems unlikely that the "print up more paper" option is possible.
"The deepest sin against the human mind is to believe things without evidence." Thomas H. Huxley
What if? It already did!
Representative Traficant Reports On The Bankruptcy Of The United States, United States Congressional Record, March 17, 1993 VOL. 33, page H-1303
The Speaker - Rep. James Traficant, Jr. (Ohio) addressing the House.
Mr. Speaker, we are here now in chapter 11... Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth, hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise.
It is an established fact that the United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; Declared by President Roosevelt, being bankrupt and insolvent. H. J. R. 192, 73rd. Congress in session June 5, 1933 - Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the Sovereign Authority of the United States and the official capacities of all United States Government Offices, Officers and Departments and is further evidence that the United States Federal Government exists today in name only.
http://www.halexandria.org/dward283.htm
A slightly more radical (but potentially equally accurate account) is entitled “The Demise of the American Constitutional Republic” and provides a comprehensive account of the events which led up to the U. S. Bankruptcy, as well as the implications of what has transpired before and since. Below is a condensed version of this astounding story of what might be the covert control of virtually everyone.
http://www.halexandria.org/dward282.htm
STOP!
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"GINO" = Government In Name Only
What a great question, Ralph.
I keep thinking about our enormous military and how it is almost a freestanding nation of force around the world. Like a cancer it will not be denied what it wants and needs to stay alive. My fear is those in the military ranks who will TAKE CHARGE to bring control back under them..
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I'm sure there would be both advantages and problems
however, it is a thought provoking proposition!
certain that the end game...
has been decided and will unfold before our very eyes .. I have read nothing here there or anywhere that does seek to explain how this will unfold ..... our global empire is a necessity and it will continue until the cows come home or there is such a horrible econ event that all comes to a standstill .. all this seems doubtful.. the 40 trillion in personal wealth we apparently have in citizens hands will be pillaged more .. we are stuck with a global machine and its vested interests .. we are powerless to change... WE ARE HOPELESS ...WHILST WE FOCUS ON THE JESSE VENTURA TABLOID THE CRITICAL GOES ON AS USUAL.. WE HAVE NOT FOUND THE RIGHT LEADER TO EMBRACE WHAT THIS FORUM SEES AS ITS FUTURE .. RON PAUL IS GREAT BUT HE IS DONE ALL THAT CAN BE DONE .. .. the health care thing will disappear from the hot topic screen soon and we will move on to another hot topic.. americans .. most are scatterbrained and each new day leaves them with another headline to delve into for their enjoy and distraction...
hmmmm-
1933?
Not a good idea.
The creditors would come after U.S. properties.