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No Chance of Default, US Can Print Money: Greenspan
CNBC ^ | Sunday, 7 Aug 2011 | 3:15 PM ET | Patrick Allen

Posted on 08/08/2011 8:21:00 AM PDT by Tulsa Ramjet

Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P's decision to downgrade America's credit rating.

"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press

(Excerpt) Read more at cnbc.com ...


TOPICS: Crime/Corruption; Front Page News; Government; Politics/Elections
KEYWORDS: economy; greenspan; obama
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This man is crazy, and is a part of why we are in trouble. Someone needs to draw him with a WWII wheelbarrel filled with deutshmarks.
1 posted on 08/08/2011 8:21:07 AM PDT by Tulsa Ramjet
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To: Tulsa Ramjet

Print me a 10 million could ya? C’mon Alan...


2 posted on 08/08/2011 8:22:41 AM PDT by listenhillary (Look your representatives in the eye and ask if they intend to pay off the debt. They will look away)
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To: Tulsa Ramjet

We know the evil Greenspawn is a complete asshat. He dated Baba Wawa.


3 posted on 08/08/2011 8:23:41 AM PDT by IbJensen (God made idiots. That was for practice. Then he made politicians.)
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To: Tulsa Ramjet
BreakingNews Breaking News
Obama to deliver statement at 1 p.m. EDT - NBC News
4 posted on 08/08/2011 8:25:00 AM PDT by Berlin_Freeper
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To: Tulsa Ramjet
Invest in wheelbarrows.


5 posted on 08/08/2011 8:25:24 AM PDT by mnehring
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To: Tulsa Ramjet

I could make better decisions than this guy, and all I have to go on is common sense and an understanding of supply and demand.


6 posted on 08/08/2011 8:25:49 AM PDT by American Quilter (aka American Hobbit)
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To: Tulsa Ramjet
I got a monetary plan and it involves a lot of toner. LOL

An American Expat in Southeast Asia

7 posted on 08/08/2011 8:26:43 AM PDT by expatguy (The Expat Needs Beer Money - Cough Up!)
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To: Tulsa Ramjet

Greenspawn KNOWS that currency is NOT MONEY..
Yet he said this anyway... i.e.. propaganda..

Agitprop for the rubes.. Are you a RUBE?..


8 posted on 08/08/2011 8:27:16 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
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To: Tulsa Ramjet

his libertarianism gave way to andrea mitchell’s statism.


9 posted on 08/08/2011 8:27:45 AM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
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To: Berlin_Freeper

“Obama to deliver statement at 1 p.m. EDT - NBC News”

Oh NO,,, everytime he opens his mouth the market crashes again.


10 posted on 08/08/2011 8:27:59 AM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office)
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To: Tulsa Ramjet

He’s right. And the BBA is a very BAD idea. Going back to gold or gold-silver or gold-metals-basket would be a great thing.

But to get there we first may need to blow the greenback to Kingdom Come.


11 posted on 08/08/2011 8:30:01 AM PDT by bvw
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To: Tulsa Ramjet

Just print up one of these and we can pay off the debt and have a lot saved up for future Social Security and Medicare bills.

Hey, Alan, inflation is slow motion default with every extra uptick in the CPI. What every happened to the Alan Greenspan who followed Ayn Rand?

12 posted on 08/08/2011 8:30:21 AM PDT by KarlInOhio (The Repubs and Dems are arguing whether to pour 9 or 10 buckets of gasoline on a burning house.)
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To: Tulsa Ramjet

Ticker Guy has a great way to describe this sort of remark: technically correct, but factually lying. Nuff said.


13 posted on 08/08/2011 8:31:00 AM PDT by sayuncledave (A cruce salus)
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To: Berlin_Freeper

Shoot, I bet 11 AM in the FR pool yesterday.


14 posted on 08/08/2011 8:31:22 AM PDT by bvw
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To: Tulsa Ramjet

Well, technically he IS correct. We could simply print $14 Trillion and pay off the debt. Of course what he failed to mention is that inflation would be running in the triple digits and a loaf of bread would cost $500 dollars.


15 posted on 08/08/2011 8:32:13 AM PDT by apillar
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To: Berlin_Freeper

Preview of Obama speach:

http://www.youtube.com/watch?v=2jqQsDklQEM


16 posted on 08/08/2011 8:32:33 AM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: All

Greenspan went nuts as soon as he married Andrea Mitchell.


17 posted on 08/08/2011 8:35:02 AM PDT by WillVoteForFood
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To: Tulsa Ramjet

When the war broke out on July 31, 1914, the Reichsbank (German Central Bank) suspended redeemability of its notes in gold. After that there was no legal limit as to how many notes it could print. The government did not want to upset people with heavy taxes. Instead it borrowed huge amounts of money which were to be paid by the enemy after Germany had won the war, Much of the borrowing was discounted and monetized by the Reichsbank, this amounted to issuing straight printing press money.

Perhaps the most well known example of hyperinflation occurred in Germany from 1922-1923 where the average price for all goods and services increased 20 Billion times. Prices doubled every 28 hours for 20 months! Some Germans were seen carrying cash in wheelbarrows to buy a loaf of bread.


18 posted on 08/08/2011 8:37:37 AM PDT by Tulsa Ramjet ("If not now, when?" "Because it's judgment that defeats us.")
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To: Tulsa Ramjet
Inflation? What inflation?

Using Greenspan's reasoning, the Fed should just print up $300 Trillion and distribute it to the people and make us all wealthy. We can all be millionaire's!!!

Every man a king,
Every man a king,
For you can be a millionaire.
If there's something belonging to others,
There's enough for all people to share.
When it's sunny June and December too,
Or in the winter time or spring.
There'll be peace without end,
Ev'ry neighbor a friend,
And ev'ry man a king.

What a sell out putz. Just remember that he was the genius who held interest rates too high for too long back in 2000 and delivered us the "Bush recession," which actually began under Clinton.
19 posted on 08/08/2011 8:38:00 AM PDT by Sudetenland (There can be no freedom without God--What man gives, man can take away.)
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To: Tulsa Ramjet

Seriously? He said this?

Tell me this is from the Onion. Somebody. Please.


20 posted on 08/08/2011 8:39:35 AM PDT by Mrs. Don-o (Dry understatements free of charge, one per customer until supplies are exhausted.)
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To: Tulsa Ramjet

I think Andrea Mitchell got to him


21 posted on 08/08/2011 8:42:14 AM PDT by hecht (TAKE BACK OUR NATION AND OUR NATIONAL ANTHEM)
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To: Mrs. Don-o

22 posted on 08/08/2011 8:43:22 AM PDT by evets (beer)
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To: KarlInOhio
And also print up a few of these. Point is - currency devaluation happens often and eventually, everywhere. How many have we seen in our lifetimes?


23 posted on 08/08/2011 8:49:25 AM PDT by PGR88 (I'm so open-minded my brains fell out)
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To: Tulsa Ramjet
Greenspan is technically correct, but he should be smarter than this and explain what is going on. When Moody's downgrades as US state or a Eurozone member, they are looking a default risk because these sovereigns can not print money. Moody's knows this... As such, Moody's did not downgrade the US short term debt, only long-term. This indicates to me that Moody's downgraded the debt not based on default, but technical value on the bonds. In other words if the Federal Reserve keeps printing money to monetize the deficit, then value of the bonds decline. The longer the term of the bond, the more inflation devalues the bond. Moody's rating is a function of inflation and devaluation of the bond.

I am sure Greenspan knows this, he is just playing lapdog to the elitist that think they know better than all us commoners.

24 posted on 08/08/2011 8:58:50 AM PDT by 11th Commandment (http://www.thirty-thousand.org/)
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To: apillar

AND, our creditors will notice they’re being paid with Monopoly money. What a moron.


25 posted on 08/08/2011 8:58:59 AM PDT by ChocChipCookie (Jonah is my patron saint.)
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To: Tulsa Ramjet

The only question I have is, how will mortgage debt be handled. When you can easily satisfy the conditions of the loan, what happens to the mortgage holder?


26 posted on 08/08/2011 9:02:00 AM PDT by runninglips (Republicans = 99 lb weaklings of politics.)
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To: Berlin_Freeper

He will blame the Tea Party and say we need to spend more to create ‘shovel-ready’ jobs.


27 posted on 08/08/2011 9:05:02 AM PDT by imskylark
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To: Tulsa Ramjet

What´s the House say about this loon?


28 posted on 08/08/2011 9:08:58 AM PDT by onedoug
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To: Tulsa Ramjet
The United States can pay any debt it has because we can always print money to do that.

If that is true, why don't we just print $15 trillion and be done with it? Anyone? Anyone? Bueller?

29 posted on 08/08/2011 9:09:39 AM PDT by Constitutionalist Conservative (Two blogs for the price of none!)
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To: Tulsa Ramjet

“The United States can pay any debt it has because we can always print money to do that”

Brilliant!!!!

WHAT A GENUIS!!!!

I think he’s senile.


30 posted on 08/08/2011 9:13:35 AM PDT by ZULU (McConnell and Boehner are the Judas and Ephialtes of the 21st Century)
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To: Tulsa Ramjet
Image Source,Photobucket Uploader Firefox Extension....................Our new currency
31 posted on 08/08/2011 9:22:11 AM PDT by mandaladon (PalinGenesis)
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To: mandaladon
Image Source,Photobucket Uploader Firefox Extension
32 posted on 08/08/2011 9:25:40 AM PDT by mandaladon (PalinGenesis)
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To: Tulsa Ramjet
The United States can pay any debt it has because we can always print money to do that.

"But, honey, how can we be broke? I still have lots of checks....."

33 posted on 08/08/2011 9:25:43 AM PDT by OB1kNOb (Obama will heretofore be known in history as the downgraded President.)
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To: Tulsa Ramjet

Cool, so can I print up a few million, too?


34 posted on 08/08/2011 9:26:58 AM PDT by bgill
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To: listenhillary

Same here LOL ! Of course I would immediately convert to something better like Swiss Franc’s and quit working. I would go live in NZ part time as well.

> Print me a 10 million could ya? C’mon Alan...


35 posted on 08/08/2011 9:29:33 AM PDT by CORedneck
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To: runninglips

>>The only question I have is, how will mortgage debt be handled. When you can easily satisfy the conditions of the loan, what happens to the mortgage holder?<<

In a hyperinflation, the lenders end up with nothing in the end. It’s the borrowers who win, i.e., the profligate, i.e., the federal government.

Buy Treasury Bonds at 4% for 30 years and see who wins, you or the government. Greenspan’s right; they won’t default, but a $1,000 bond due in 2041 will buy you a pair of shoes in 2041 at 12% inflation. At 20%, a Happy Meal at McDonalds. At 50%, use it for toilet paper, because it will be the cheaper alternative.


36 posted on 08/08/2011 9:32:12 AM PDT by Norseman (Term Limits: 8 years is enough!)
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To: Tulsa Ramjet

Greenspan Interpreted:

We can steal it from the citizens by instigating hyper-inflation.


37 posted on 08/08/2011 9:39:57 AM PDT by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
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To: Tulsa Ramjet

I remember when this man was viewed almost unanimously as a financial genius of the first order. Even Bush’s tax cuts had to have his blessing, to provide poltical cover in case they led to big deficits. Poor Greenspan, his time is past.


38 posted on 08/08/2011 9:45:34 AM PDT by juno67 (a)
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To: Tulsa Ramjet

If I print funny money, it is called counterfeiting, but when the government prints funny money, it is called Quantitative Easing. The government has nearly carte blanche to print dollars until they are as worthless as Zimbabwe’s bank notes.


39 posted on 08/08/2011 10:04:00 AM PDT by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
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To: evets
It's not even going to be worth stooping over to pick up the bills.

Of course,as a gardener, I can always use the compost.

40 posted on 08/08/2011 10:07:49 AM PDT by Mrs. Don-o (When I grow up I'm gonna settle down/ Chew honeycomb and drive a tractor, grow things in the ground.)
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To: ChocChipCookie

>>>AND, our creditors will notice they’re being paid with Monopoly money. What a moron.

AND, our citizens will notice they’re being paid with Monopoly money. It effects everyone once it hits M2. This was a really stupid remark by EZ Money Al.


41 posted on 08/08/2011 10:47:51 AM PDT by Hop A Long Cassidy
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Mash His Cute Little Nose

We're Looking For a Little Yellow

Donate, monthly if possible

42 posted on 08/08/2011 11:35:47 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: Tulsa Ramjet; SunkenCiv
"The United States can pay any debt it has because we can always print money to do that

Oh, we need a barrel of money
To buy two ounces of honey;
but we'll roll it along,
Still singing our song...
Side by side!

Thank the Good Lord that we had the foresight to own three wheelbarrows, and a couple of large garden carts!

43 posted on 08/08/2011 11:50:40 AM PDT by ApplegateRanch ("Public service" does NOT mean servicing the people, like a bull among heifers.)
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To: Norseman

Got some analysis of those numbers? Might help me crunch out some more economic boundary conditions I’ve been pondering.


44 posted on 08/08/2011 11:57:14 AM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com/)
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To: listenhillary

http://www.realclearpolitics.com/video/2011/08/07/greenspan_us_can_pay_any_debt_it_has_because_we_can_always_print_money.html


45 posted on 08/08/2011 12:02:35 PM PDT by Tulsa Ramjet ("If not now, when?" "Because it's judgment that defeats us.")
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To: bvw
Going back to gold or gold-silver or gold-metals-basket would be a great thing.

You would have a better chance with this administration if you proposed going onto a marijuana & cocaine "standard".

100 Pseudo-Feds = 1 Snort; 100 Snorts = 1 Obama; 10 Obamas = 1 Fatal-Overdose...

DEA, ATF, Dept of Ag, and FDA could enforce counterfeiting

46 posted on 08/08/2011 12:03:40 PM PDT by ApplegateRanch ("Public service" does NOT mean servicing the people, like a bull among heifers.)
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To: Tulsa Ramjet
This man is crazy, and is a part of why we are in trouble.

I've been saying this for years - this clown and his gang of idiots jacked up rates breaking all adjustable mortgages 2004-2006, and the delay effect was about 9 months - they like to experiment and see what happens - and it's the same organization that brought you 17%+ home loans during the 1970's.


47 posted on 08/08/2011 3:51:31 PM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: ApplegateRanch; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks ApplegateRanch.


48 posted on 08/08/2011 7:22:27 PM PDT by SunkenCiv (Yes, as a matter of fact, it is that time again -- https://secure.freerepublic.com/donate/)
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To: Tulsa Ramjet

If we can print money to pay the debt, why do we have the debt? Why didn’t we just print money when we needed it? Why are you and I paying taxes? Why not just print the money without you and I working for it?

Heck I bet Jethro Bodine can cipher that and school Mr. Drysdale!


49 posted on 08/08/2011 7:59:55 PM PDT by born2bfree
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To: Tulsa Ramjet
Okay, you can print up a few trillion, but you have to use RED INK on the entire batch.



(and it should be the kind of ink that stains your hands)
50 posted on 08/08/2011 8:04:59 PM PDT by arasina (So there.)
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