US Default - then and now

[David Merrill]

I am not seeing the difference between stopping payment and destroying the bonds.

[Rock Anthony]

I am not seeing the difference between stopping payment and destroying the bonds.

Well, from the research I've done, if the bonds are literally destroyed, they'll be missing from the Feds balance sheet.

Allowing the bonds to exist, but simply stopping payments, will allow the Feds balance sheet to stay balanced.

But the thing I find most intriguing is the $1.6 trillion dollars worth of unbonded FRNs if the US bonds were actually destroyed.

What is an unbonded Federal reserve note?

[Rock Anthony]

House Budget Committee Chairman Paul Ryan:

“We cannot keep spending money we do not have," said Ryan. "Forty-two cents out of every dollar coming out of Washington is borrowed money, 47 percent of it from other countries, China number 1 [most of all]. Mr. Speaker, you cannot have sovereignty, self-determination as a country if we are relying on other governments to cash-flow [finance] half of our deficit.”

I wonder if such words would be spoken on the House floor absent Ron Paul's rise in popularity.

[shikamaru]

I wonder if such words would be spoken on the House floor absent Ron Paul's rise in popularity.

http://en.wikipedia.org/wiki/Historical_materialism

Commerce first, political status second....

[Axe]

Whoa, just stumbled upon this:
http://www.marketskeptics.com/2011/0...s-history.html
What I have been afraid to blog about: The ESF and Its History (Part 1-3) by Eric deCarbonnel

I apologize if this is posted to wrong thread; some of this is hard to categorize.

That's an amazing few videos there, thanks!