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View Diary: The Economy's Willing Executioners (32 comments)

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  •  I approve of raising the debt ceiling... (1+ / 0-)
    Recommended by:
    Victor Laslo

    ...this time because of the consequences laid out here.

    However, I reserve the right to vote against any politician who votes to raise the debt limit yet again after this increase.

    This debt will eat us alive and destroy us, as it did Japan. I will do whatever I have to do to see that this does not occur. We cannot allow that to happen.

    (-5.50,-6.67): Left Libertarian
    Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

    by Sparhawk on Wed Jul 20, 2011 at 08:33:27 PM PDT

    •  at (0+ / 0-)

      this point it is simply a matter of default now or default later on.  Later on means I can collect a few more rounds and some long term food and some more PMs so that sounds ok.

      "Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild, 1790

      by FreeTradeIsYourEpitaph on Wed Jul 20, 2011 at 11:26:28 PM PDT

      [ Parent ]

      •  You maybe right (0+ / 0-)

        I give your scenario a better than even chance to be more or less true. I need the time to prepare--I need 9-12 months of stability as I make my arrangements.

      •  Were the privileged wealthy paying a fair share, (0+ / 0-)

        there would not have to be a default. It's lack of revenue, not over-spending that's the cause of the present looming disaster. That we are in 2 and a half wars doesn't help either, but it's not the main cause of the problem.

        •  . (1+ / 0-)
          Recommended by:
          Louise

          the bankster class created so much bad debt, the deficits are being used to keep them from crashing and burning.  The bulk of the deficit spending since 2008 has been to bail out insolvent bankers not the wars, though the wars are expensive ($200 billion a year).  The bankers are leveraged 30 to 1 or more on bad debts in the tens of trillions, they cannot be saved no matter how much they taxed the wealthy.  Example: $600 billion went to foreign banks to keep them from failing.  The money only delayed the inevitable.

          "Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild, 1790

          by FreeTradeIsYourEpitaph on Thu Jul 21, 2011 at 08:39:01 AM PDT

          [ Parent ]

    •  People's budget will require $3.4T raise by 2021 (2+ / 0-)
      Recommended by:
      A Voice, Louise

      ... and that's it, debt declines thereafter.

      Ryan Plan - given completely ficticious tax revenues (as in his staffers told the CBO to ignore his tax plans and substitute the alternative fiscal scenario until 2030 and 19% GDP revenues thereafter) - requires it be raised by $44.9T before 2063.  With realistic tax revenues I'd wager it diverges to infinity.

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