the National Debt to be immoral, citing GW Bush and Ecuador as precedent.
This would have MAJOR benefits.
1) The Federal government would have to stop wasting over $1tn a year and run balance budgets.
They would no longer be able to borrow any money except from the Fed and they would have just lost $2tn on their Treasury Note holdings.
2) It would save the US $16.2tn+
It would cause some problems for a few months like Iceland had.
But Iceland is now doing very well after defaulting on it's debts and kicking the bankers & the old government out.
Boy would that put the wind up the likes of Goldman Sachs.
The US would also need to balance it's trade deficit, currently running at $600bn p.a.
The US National Debt is undoubtedly immoral.
Only the states are allowed to coin money according to the Constitution.
"In the end, more than they wanted freedom, they wanted security. They wanted a comfortable life, and they lost it all -- security, comfort, and freedom. When ... the freedom they wished for was freedom from responsibility, then Athens ceased to be free."
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