Now Impossible to pay off the U.S. debt?

[wildbilln864]

Stumbled across this article and wanted to share and other's opinions....

snip/
"A lot of people are very upset about the rapidly increasing U.S. national debt these days and they are demanding a solution. What they don't realize is that there simply is not a solution under the current U.S. financial system. It is now mathematically impossible for the U.S. government to pay off the U.S. national debt. You see, the truth is that the U.S. government now owes more dollars than actually exist.
more here...
:hi:

[tabatha]

1. Thank you, George Bush.

And the Kochs. And Grover Norquist.

[Proles]

2. I don't think that's entirely true. nt

[wildbilln864]

5. please elaborate? nt

:popcorn:

[Scuba]

3. Sounds like a crock. n/t

[MannyGoldstein]

4. Uh... no.

Depends on interest rates, inflation, tax rates, etc.

Debt was far higher in the 1940s compared to now (adjusted for inflation, of course).

[Vincardog]

6. Not without raising taxes on somebody

[Gore1FL]

9. That ^ n/t

[Motown_Johnny]

7. that reason is insane, the number of dollars which physically exist mean nothing

most of it is digital information


I'm not going to bother reading any article which contains that clearly insane claim (besides I don't like blind links)

[provis99]

8. conspiracy theory nonsense.

the author (likely a gold salesman from the look of the site) doesn't understand economics, and claims things about money and debt that are factually wrong. America's debt is under 65% of GDP, it would be easiest to pay it down by reaching full employment and taxing the income earners; he's deliberately confusing the definitions of money with GDP; fractional reserve banking is one of the best ideas in history and has led to a standard of living that would be inconceivable even 300 years ago; and frankly, if we paid off the debt, we'd likely deflate into catastrophic depression. The people that hold the debt are people like grandma with her government savings bonds; it we paid off the debt she wouldn't get the interest from her bonds any more, and would be poorer.

Just a nut who thinks the Apocalypse is coming, and wants to sell you gold and freeze-dried food for your bomb shelter at an inflated price.

[stevedeshazer]

10. Nice try.

-1

[maddezmom]

11. End Timer is the owner of that blog

http://rationalwiki.org/wiki/Michael_T._Snyder

[Fool Count]

12. That's just crap. US government can always create as many dollars

as they wish. The fact that they will owe all those newly created dollars to themselves is totally irrelevant. Federal Reserve can always
write off all that debt, which is an accounting gimmick anyhow. Even if it was genuinely "mathematically impossible" to pay off
all the debt, it wouldn't be the end of the world either. As long as the economy grows faster than the debt and interest rates remain
reasonably low, there is no real need to even reduce the debt, let alone to pay it off completely.

[FarLeftFist]

13. The Fed can buy unlimited treasury bonds. But of course we need revenue.

[RoccoR5955]

14. My BS meter is on overload with that one again.

The Treasury can print up as much money as they want. Are you trying to say that there isn't that much paper? Easy solution. Raise the denomination of the bills.

How people believe this bovine fecal matter is beyond me!

[astral]

15. The Federal Reserve Is Not The Federal Government !!!

We have been here before, if you know this is true then you know the United States Government does not OWE MONEY TO ITSELF.

All we have to do is create jobs for everyone? Do you think it is accidental that all these jobs are no longer in existence on U.S. soil?

[SidDithers]

16. Conspiracy nonsense...

Unrec.

Sid