Posted on 07/09/2011 11:11:57 AM PDT by ilovesarah2012
I would say a good plan is to go Galt - but do it NOW
stock up on fiid and supplies, and sit out the nxt 4 years (unless we get some politicians with balls)
Lets all go to Texas and SECEDE
That may be the next great call.
Well said though I disagree on the debt. The idea of sovereign debt is that it is backed by a government which is able to do whatever it pleases with the debt. It is called sovereign because the government and it alone is responsible for it. Here is a good definition:
“Government debt, especially that held in bonds denominated in foreign currencies.”
“Under the doctrine of sovereign immunity, the repayment of sovereign debt cannot be forced by the creditors and it is thus subject to compulsory rescheduling, interest rate reduction, or even repudiation. The only protection available to the creditors is threat of the loss of credibility and lowering of the international standing (the sovereign debt rating) of a country, which may make it much more difficult to borrow in the future.” - http://www.businessdictionary.com/definition/sovereign-debt.html
Many people think sovereign means it must be repaid but what it really means is the government is godlike in its decision to payback or not payback the debt...,it cannot be overruled or forced to pay.
I do not believe any subsequent generation is morally obligate for the debts of the proceeding one. If at some point we wish to default we can. It will be the end of cheap borrowing but I am o’k with that. All debts whether foreign and domestic can be abrogated. Future generations are under no obligation to repay all of those US Treasury notes that everyone is so fond of claiming for their SS check.
A thought. How many people, expressing their conviction that they will not honor any future debts of the US government, would it take for the world to decide to quit lending us money?
“If at some point we wish to default we can.”
Yes, you’re right. We can. But. But millions of Americans and thousands of banks and one Federal Reserve hold those bonds. Every dollar in my wallet says, “Federal Reserve Note” front, top and center. If we default, we go to a batter economy. No one would want that I think.
batter = barter
Oh, if he’s reelected, he will spend another kazillion dollars for he and Michelle and their entourage to take another vacation to Kenya. - If the people of this country reelect him, I’m not wasting another second agonizing over it if they like the swirling ride we’re on down the old toidy hole. The day before Pelosi and crowd took over wasn’t nearly this bad; in fact, I look at it as the “Good Old Days”. Obama just added to the strength of the flush.
Reminds me of a funny story out there in the Filipino Provences where the 21st Century is also enjoyed. We joked around how those rural doctors used "Brain Surgery" Time magazine feature articles for guidance. Baha la na.
Should you wish to seriously investigate retiring in the Philippines you will not be the first. You would join tens of thousands spread across the many islands who have forgotten all the crap you put up with here. True. They have different crap there.
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