Some republicans feel that defaulting won't be that bad

Started 11 months ago | Discussions thread
CFynn
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Re: Some republicans feel that defaulting won't be that bad
In reply to Walking Dead, 11 months ago

Walking Dead wrote:

rb59020 wrote:

Leo, liberals believe this can be sustained indefinitely. If Obana's budget defecit shrinks by 3% they will tell you what a wonderful job he's doing. The National Debt keeps increasing though and the printing presses are running 24/7.

You want to impress me? Cut the budget 10% across the board, no cuts to increases and say it's a cut. But doing that won't get you re-elected. BTW, "US unfunded liabilities" are at 126 trillion. Guess the feds need to buy some more printers.

http://www.usdebtclock.org/

And yet, the US dollar is the currency that the world uses in their transactions. The price of oil on the world market is traded in dollars. The Euro, Yen, British Pound, etc., aren't the currency of world trade.

If the US defaulted the preferred currency of world trade may become the Chinese Yuan. What happens when all those US dollars overseas start getting traded in for some other currency? The US$ could quickly go into a tailspin. Better buy gold or something now.

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