Debt Repudiation – Appears more and more like our only way out of the 22 Trillion Dollar+ debt that’s been racked up by the misguided fiscal policies of the ‘El-lites’ that control the nation’s purse strings (CLICK HERE). There’s just NO other way this astronomical amount of debt can be handled. The ‘depressing’ thing, is the reality of how the current crowd in DC is outpacing the prior crowd in DC on ballooning the spending and the aggregate debt pile. We expected better from this crowd!
It’s starting to look like the ‘El-lites’ that promulgate this mess know full well the aggregate debt will never get paid off, and thus keep piling-on with reckless abandon. If any household or small business managed their money in the same manner that those in DC manage the nation’s fiscal affairs, they would simply ‘be gone’ period. It’s way too late to change direction at this point, there is not going to be any solution to paying the aggregate debt off, there isn’t enough cash to do it. At this point it’s just a matter of ‘how long’ the Ponzi Scheme can keep going.
Here are some quotes from a recent post from Dave Hodges regarding this subject;
“We are borrowing from the future to pay for the present this is why we’re not feeling the effects right now this is why we’re not hyper-inflating, but it’s not going to be long because eventually you’re going to run out of assets to borrow from the future”
“If you recall from your old history books a woman from the Weimar Republic in Germany when they had an hyper-inflated currency that took a wheel barrel full of money to buy a loaf of bread”
“When people will not except your money the cash will be only good to burn in your fireplace in the winter. So what are you going to do”
“If We get rid of the Federal Reserve what would come next? Debt Repudiation, I said that at a gathering of really hard-core activists. The best in the country, and I got a standing ovation. I couldn’t believe it, and I said well, to me it’s the only thing we can do. We look at Wall Street and the Bankers and say that we should do it. Iceland did it in 2008. ‘Say goodbye don’t let the door hit you on the way out’”
“The really important question that people just aren’t answering (but Iceland answered) is that question for us. Iceland said No, Hell No, to the bail outs! Let it all collapse, and they did it. What happened to the Icelandic economy? Within four years their GDP was producing more than the United States on a per capita basis. That we could’ve done that right then if Congress was prepared to take a stand. They didn’t, and then Hank Paulson (Treas Secretary), said there would be tanks in the streets. We don’t want to put the damn tanks in the streets. But maybe it was time to have a fight over it, because this wrecked our economy, we just delayed the inevitable”