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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (32420)	6/26/2010 9:58:34 PM
From: John	Read Replies (2) \| Respond to of 103300

stiffing the foreigners and/or defaulting on their overseas debt is likely to produce the least amount of harm for them. Yes, but what happens when no one trusts them any more? BTW, the scenario you described is ultimately what the United States will do to China and other foreign holders of America's debt. The U.S. government is determined to weaken the value of the dollar by printing massive quantities of monopoly money. The Chinese will eventually find that their massive cache of U.S. debt is not nearly worth the "paper it's not printed on," as Gerald Celente likes to say. Unlike some, I do not think the U.S. will ever default. Instead, the government will simply keep the presses blasting out monopoly greenbacks at full speed. Need your federal retirement pension? No problem! Crack up the presses! Need the national debt serviced? No problem! Crank up the presses! Need to pay off the medicare doctors? No problem! Crank up the presses! Need your social security check? No problem! Crank up the presses! So, yes. The Chinese will be paid, but the money won't be worth much. Besides, some new form of currency will ultimately replace the USD, and everyone knows what happens to the value of replaced currency. After all, there are always more gullible suckers waiting in line who believe that the fiat currency is actually worth something. If not, the government will still be holding loaded guns to the heads of citizens and forcing them to recite, "The dollar has value! The dollar has value!"