okie don

A Biblical ' JUBILEE' is in order.!

PeterS

And just what facts aren't true Poppa? Trumps speeches are part of the public domain. You don't need a degree in finance to understand the impact defaulting on debt would have on our economy.

PeterS

Imposed fraudulently? Debt was Hamilton's idea and has been with us since the inception of this country. That is hardly fraudulent. As for paying it off--it's simple, just do it. The problem with debt is that everyone wants to bitch about it but no one wants to do anything about it. Once debt is on the books the only way to remove it is with cash out of our wallets. No one wants to do that and the last time we were in position to pay down debt we chose to cut taxes instead.

Trump is an idiot and he lords over a group who loves to bitch but lacks the balls to do anything about that which they bitch. Monopoly on institutionalized usury indeed...

PeterS

Without our money everyone would be suffering. The mistake made after WWI was forcing reparations. Had we forgiven the debt Hitler never would have been use Germany's economic situation as a means of gaining power...

PeterS

You need to explain, if not the treasury who is printing our money supply. How are we "borrowing" from private banks...

jeff smith

well I think every politician should take a 25% pay cut and every public servant should take a cut in pay5% up to $50,000 , 10% up to 100,000 , 15% up to 150,000 , and 20% up to 200,000 . then us all of that unused income to pay towards the national debt. cut back on what is given to illegals that were given a get in free pass ,all of the minors from central and south America , and any one else who is here on a get in free pass, cut back on all of the free money and food given to hand out organizations and put that extra money into the debt.

PeterS

Better that than out of your own wallet right!

speed 1

good idea!

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Who is proposing defaulting on the debt? Not Trump. Read his comments for clarity.

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Are you familiar with the Federal Reserve Bank? Therein lies the answer to your query.

J Anthony Loc: Connecticut

I'm not a Trump-guy. I'm just saying that anything that gets us talking about the root of the debt-problem is a good thing.
And no, the Federal Reserve and it's fractional-reserve method of compounding and monetizing debt was not institutionalized until 1913. Yes, Hamilton helped establish the country's first central bank with a similar debt-based system, but that didn't last very long, as Congress refused to renew it's charter in 1811, as it became clear that the foreign domination the Revolution had been fought to eliminate crept back in through said private banking system. As a result the War of 1812 was triggered, leading to more debt and inflation. This and an inability to collect taxes were the reasons given for chartering the Second Bank of the US as a private national bank; the 20 year charter was signed by President Madison in 1816. In 1835, President Jackson, who had long been an opponent of private central banks, paid off the final installment of the national debt. He had succeeded in doing something that has not been done before or since: he reduced the national debt to zero and accumulated a surplus. The following year, the charter for the Second Bank of the US expired. Jackson was the victim of an assasination attempt, but survived.
The conflict between the privately-owned and controlled "British system", and the new-republic's, government-controlled "American system" (initially conceived by Ben Franklin pre-Revolution) raged on, through the Lincoln era (who was not so lucky as Jackson in maintaining the "American system", with his "greenbacks", nor with surviving assasination) and beyond, until 1913, when the private-banking system won out under the guise of being "federal"...the Federal Reserve Act was passed three days before Christmas, when Congress was preoccupied with departure for the holidays, and was so obscurely-worded that no one really understood it's provisions, including President Wilson, who signed it. This was a major coup for the international bankers, and its been institutionalized-usury, recessions, depressions and war ever since.

J Anthony Loc: Connecticut

Except for coins, which is but one-one-thousandth of the money-supply, the government does not issue money. Dollar bills (federal reserve notes) are issued by the Fed, which distributes them in various ways to banks, which then lend them to the government, individuals, and businesses at interest. Tangible currency (coins and dollar bills) together make up about 3 percent of the money-supply; the other 97 percent exists only as data on computer screens, and all of this money was created by banks in the form of loans.
The "Federal" Reserve is not actually federal, it's twelve branches are privately owned by a consortium of very large multinational banks.

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

jeff smith

I think that the taxes that I have to pay are well over board compared to some people. especially the rich and large companies. if every one would pay the same % in taxes we probably wouldn't have this cituation. but there are some who want to hide their wealth in off shore accounts to avoid paying taxes on that income. we do have one screwed up tax code , that is for sure. if they would simplify the tax codes , they government could move two thirds of irs people into position in other agencies to look for fraudulent cases . another cut in the financial output of this nation.

peter11937 Loc: NYS

As these nations became wealthy, an effort to repay the money they accepted from us to defend and rebuild would have made the entire world more stable. Instead they chose not to. Post WW1 , after the USA intermediately returned to isolationism, saw the victors demand reparations so severe that they remained impoverished, magnified by the 1929 American stock market crash and an ensuing depression that left Germany and others with no clear path to prosperity. Italy, an Ally in WW1, had been neglected by the rest of Europe making it a fertile ground for fascism. Italy's fascism inspired Hitler.....and on 12-7-1941 . This ignores the political, social economic blunders of FDR, and the pacifism of G. B. and other allied nations, but that takes textbook length work and more.