Discussion in 'Coin Chat' started by Player11, May 20, 2023.
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Well, if it plays out enough times eventually it will happen. You have a lot of faith in the players involved today. With a handshake and the stroke of a pen they can create money out of thin air again. I guess that equals "crisis averted"?
If it does happen will someone trade me their classic head large cent for a little food? Preferably AU to MS. I'll throw in a silver bar.
In all seriousness I don't know what anybody can do about it. Will you be happy if you sell the collection today and be holding the cash that was defaulted on? What will it buy at that point? If it gets desperate, anything that doesn't sustain or protect life will be worthless be it the cash or the coins. The wealthy will be determined by who has the most food and supplies stored.
Eventually the math doesn't work though. Maybe not today, maybe not tomorrow, but eventually. Hopefully they can create new math along the way too. They bring a finite amount of money in and what's going out keeps increasing. One side wants to cut 1% from the budget as a starting point and the other side is calling that too radical to pass. They will inflate forever until it absolutely cannot work anymore and then they'll hop on private jets out of here once the math stops working.
Right now they cannot pass a spending bill in the amount that worked 5 months ago. It can't be capped, it has to be more.
The collector is definitely not feeling the pinch from my perspective. Continuing to be of interest to me is the sustained increase in cash transactions of late, especially as some dealers seem to be gravitating toward checks (my preference).
Gotta agree, gold will definitely pump up like crazy! Still I think that would be the only good thing to happen if there's a default!
I’ll save you a spot in the free cheese line
another last minute deal. I do like the 1% cut for starters.
Oh, I'll take a swing at it.
None of the current crop of legislators/executives/judiciary have eaten any of my children.
Have you let them get close?
Paywall . . .
Sorry. It's an Opinion article based on the 14th Amendment explaining that US Treasury monthly cash receipts is significantly greater than monthly out flows required for debt service. The 14th Amendment requires prioritizing paying debt service over all other government expenditures. With the remaining funds available for running the Government.
Well, if that's the case, the folks in DC had better sharpen their pencils.
Debt service is not making interest payments alone. Debt service is paying off principal as well.
I guess they had better pay off our total national debt before they spend another red cent on any of our other budget items?
They are not paying off the principle on a net basis. They are only rolling over the mature bonds into new issues.
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