Armadebton Debate - Campbellsville, KY

Discuss the national Armadebton debate in Campbellsville, KY.

Who will you blame if the debt ceiling isn't raised?

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“Stealing cattle since 1681”

Since: Aug 11

United States

#21 Aug 23, 2011
LMS wrote:
And had the Tea Party, which I take it you are a member of Robroy, won we would have defaulted and had to pay even higher interest rates.
If the tea party had won, this would have unwound much quicker and cleaned itself out much as the great depression of 1921 that never was did.

"Despite a greater economic meltdown in 1920 than the one seen in the wake of the 1929 Wall Street Crash, the Great American Depression of 1921 never happened because the US government of the time did absolutely nothing to 'solve' the problem, except cut its own spending." from this site: http://angloaustria.blogspot.com/2009/05/why-...

A nice synopsis.

But don't get me wrong. I told my republican friends in 2008 that they may not want their man to win because whoever was in office when this thing came down would be blamed. The problem with Obama is that he is such a painfully empty suit that the world laughs at us. When times are bad and good manners are strained, you don't want to appear vulnerable. That is how world wars start.

I still contend that Obama will not finish his first term. It will be that bad.

“Stealing cattle since 1681”

Since: Aug 11

United States

#22 Aug 23, 2011
LMS wrote:
Unfortunately, there will have to be higher taxes. Raise them now, pay down the debt, lower the taxes in a few years.
Ignoring the fact that raising taxes slows down the economy (which is fine when it is overheating), it's too late. The amount we would have to raise taxes to avoid the looming brick wall would be so punitive that the economy would collapse overnight.

It is too late for ANY human solution to this problem. It is bigger than any solution. Heck, what if we cut government spending 50%? Worthless. That money pays wages. What do you think the millions and millions of laid off government workers would do? Sit on their thumbs? Collect unemployment? And where would that unemployment money come from?

And what if we raise taxes. That is LITERALLY taking money out of the hands of individuals and business and putting it in the hands of the government to "pay down the debt". And since all money is loaned into existence, paying down debt shrinks the money supply. How do you feel about massive deflation?

The last gasp of our government will be hyperinflation. But it will be preceded by deflation. Remember, we were not a debtor nation or a debtor private sector in 1929. Now we are, at comic levels. This is gonna leave a mark. A big one.

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