Financial Liberty!

Dec 2013
33,449
19,262
Beware of watermelons
#1
If you’re liberty minded no doubt you’re concerned about the reckless and unrepayable debt the US government has racked up.

Although I once found the US national debt depressing I don’t worry about it much anymore. The following truths help my mindset:

The US government isn’t able to repay it’s debt and thus it won’t
While the debt does impact me it is not MY debt–I don’t take ownership of it
There are practical steps I can take to protect myself from reckless government spending
1. The US government can’t repay it’s debt.

If the government were to repay it’s debts that would mean paying back all it’s lenders with money of the same value. The government has no money and so how would it acquire money? The government could sell assets or seize private property (higher taxes, seizing bank accounts, etc).

While the government does and will continue to try these options, they won’t work, the debt is too big.

The government will rely on two options to NOT repay it’s debt.

Honest Default
I could see the US telling China, “Sorry, we’re not paying you anymore!” China would have to be sufficiently vilified to “justify” why they don’t deserve to be repaid
This would also be shooting the US government in the foot because China is subsidizing the US government’s recklessness
Dishonest Default
This is the most likely and we’re already seeing this. The US government may never formally default, they’ll pay dollars to everyone who loaned money, but they will print the money via the Federal Reserve to pay the debt back. This IS inflation and reduces the value of each dollar.
This is the worst option because it means that the US government is destroying the dollar and thus the standard of living for people in the US. This will cause a lot of pain and destruction.
2. It’s not my debt

My parents instilled in me the importance of saving, avoiding debt, and being financially responsible. So it was very hard for me when I found out the government was not on board with being responsible.

How could “the richest country in the world” owe trillions of dollars?

I worried. It bothered me.

“How are we going to repay this debt?” I wondered.

Now I know that I am not the government. There is no “we”. It’s not my debt.

Just because I had the opportunity to vote for a representative doesn’t mean I’m responsible for the debt. I didn’t choose to go into debt and I didn’t consent to the debt. It’s not mine. I’m a net payer of taxes and I didn’t choose to waste that money. It was taken from me.

3. I can protect myself

My previous point is the US government’s unrepayable debt is not MY debt. I realize that there are people in the government who believe that it is. They want me to identify with the government and will use language like “we owe it to ourselves”, or “it’s our patriotic duty to pay taxes” and other nonsense like that.

It isn’t my debt and I’m not responsible for it but I would be very unwise to ignore the debt.

I’m not going to argue with people who make these fallacious statements.

What I will do is take steps to legally remove myself from the system. I own some physical gold and I own bitcoin. I have investments overseas in jurisdictions that don’t milk their tax cattle as hard as the US government. I have investments that benefit from the inflation the government is creating to dishonestly default on their debts. I don’t take on non-productive debt. I live responsibly in my own life.

Governments inflate the money supply to reduce their debts, inflation destroys dollars. But there are ways to grow and protect your wealth. For more examples and information, visit HowIGrowMyWealth.com.

https://howigrowmywealth.liberty.me/financial-liberty/
 
Likes: 2 people
Sep 2015
13,979
5,037
Brown Township, Ohio
#2
The government has to pay interest but no more on the national debt which probably has a bearing on why interest rates are so low and in some cases non-existent. I read some time ago that every citizen in the US including you and me owes $50,000 on the national debt leaving every woman, man and child in the US with a huge bill to pay.
 
Likes: 1 person
Dec 2015
15,918
14,813
Arizona
#3

What a lovely opinion piece by John, who is another clueless moron. But I suppose anyone can create a blog and say what they want...and he is certainly free to disown the U.S. debt. His sweeping statements like 'the government isn't able to repay it's debt so it won't' is akin to the revelation that water is wet.
And I suppose next we'll have the DTT gang comparing the deficit and/or debt to their household budgets. While it was lovely of John to share with us that he owns gold and bit coin and that he lives life "responsibly", it is about as relevant as a potted plant.
The facts are these. This anti-debt crusade is a highly politicized effort to fundamentally undermine our countries social programs--programs like social security, Medicare and Medicaid. The party of fiscal responsibility would like nothing better than to inhibit us from making the crucial public investments in education, technology, energy, and transportation that are necessary to improve society and lay the foundations for future economic growth. The budget/debt doesn't seem to matter when it's military/war debt.
Author John is yet another cog in the wheel of "Love America. Hate Americans".
 
Likes: 3 people
Dec 2013
33,449
19,262
Beware of watermelons
#4
What a lovely opinion piece by John, who is another clueless moron. But I suppose anyone can create a blog and say what they want...and he is certainly free to disown the U.S. debt. His sweeping statements like 'the government isn't able to repay it's debt so it won't' is akin to the revelation that water is wet.
And I suppose next we'll have the DTT gang comparing the deficit and/or debt to their household budgets. While it was lovely of John to share with us that he owns gold and bit coin and that he lives life "responsibly", it is about as relevant as a potted plant.
The facts are these. This anti-debt crusade is a highly politicized effort to fundamentally undermine our countries social programs--programs like social security, Medicare and Medicaid. The party of fiscal responsibility would like nothing better than to inhibit us from making the crucial public investments in education, technology, energy, and transportation that are necessary to improve society and lay the foundations for future economic growth. The budget/debt doesn't seem to matter when it's military/war debt.
Author John is yet another cog in the wheel of "Love America. Hate Americans".
well at least you can respond to an opinion piece w/ an even more opinionated response but hey as long as you start out w/ the phrase "these are the facts" you should be exempt from scrutiny, huh?

nope. it is just that you are a collectivist and anyone who has an opinion that differs must be a war mongering conservative.:huh:
 
Likes: 1 person
Nov 2012
10,582
8,740
nirvana
#5
What a lovely opinion piece by John, who is another clueless moron. But I suppose anyone can create a blog and say what they want...and he is certainly free to disown the U.S. debt. His sweeping statements like 'the government isn't able to repay it's debt so it won't' is akin to the revelation that water is wet.
And I suppose next we'll have the DTT gang comparing the deficit and/or debt to their household budgets. While it was lovely of John to share with us that he owns gold and bit coin and that he lives life "responsibly", it is about as relevant as a potted plant.
The facts are these. This anti-debt crusade is a highly politicized effort to fundamentally undermine our countries social programs--programs like social security, Medicare and Medicaid. The party of fiscal responsibility would like nothing better than to inhibit us from making the crucial public investments in education, technology, energy, and transportation that are necessary to improve society and lay the foundations for future economic growth. The budget/debt doesn't seem to matter when it's military/war debt.
Author John is yet another cog in the wheel of "Love America. Hate Americans".
For a minute there I thought it was online ad for Trump University.
 
Likes: 3 people
Feb 2014
12,580
7,844
nunya
#6
Well, lets be honest when it comes to the national debt. The Democrat/Progressive/Socialist/Communist doctrine on the economy is that you can have all the national debt you want and print all the money you want with 0 repercussions. Then when "prices" go up, you blame the rich guy for gouging the people. Because if you ask one of these brilliant people, factors like devaluing of your currency or cost of living are non-existent.
 
Likes: 2 people
Dec 2013
33,449
19,262
Beware of watermelons
#7
Well, lets be honest when it comes to the national debt. The Democrat/Progressive/Socialist/Communist doctrine on the economy is that you can have all the national debt you want and print all the money you want with 0 repercussions. Then when "prices" go up, you blame the rich guy for gouging the people. Because if you ask one of these brilliant people, factors like devaluing of your currency or cost of living are non-existent.
W/ an attitude like that sir you must hate children
 
Likes: 1 person
Jul 2014
14,238
8,653
massachusetts
#10
Well, lets be honest when it comes to the national debt. The Democrat/Progressive/Socialist/Communist doctrine on the economy is that you can have all the national debt you want and print all the money you want with 0 repercussions. Then when "prices" go up, you blame the rich guy for gouging the people. Because if you ask one of these brilliant people, factors like devaluing of your currency or cost of living are non-existent.
The principal creator of the national debt were the policies of Ronald Reagan.

Not "The Democrat/Progressive/Socialist/Communist doctrine".
It was Reagan's rejiggering of the tax system, which reversed the 50 year trend of reduced concentration of wealth and put us on the path of debt and the destruction of the middle class.
 
Likes: 1 person