The US has defaulted twice before

[BigOleNastyGator]

Other than the obvious, one thing I found particularly relevant that the previous longest period of economic stagnation occurred under another democrat, Jimmy Carter, the former king of presidential incompetence, but he's been out done now. Let me say this, I am not quite old enough to truly remember Carter, but from everything I've read he was a genuine man of principal, an economic idiot, but a good man, what would you give to be able to say that about the president right now?

Anyways, the administrations terror mongering is unfounded, we'v defaulted before, it has happened, it isn't unprecedented and Barry could end the stand off today.

link

 

[Uniformed_ReRe]

We also de facto defaulted when Nixon took us off of the gold standard, since this inevitably leads to increased inflation.

 

[Uniformed_ReRe]

As long as China, Japan & Europe need us to buy their exports, they can't allow the dollar to collapse. That would wreck their own economies. One day, they may change their minds, but this will only occur after after they have diversified their exports to the point where the US does not account for 50% of their export markets.

 

[BigOleNastyGator]

Originally posted by Uniformed_ReRe:

As long as China, Japan & Europe need us to buy their exports, they can't allow the dollar to collapse. That would wreck their own economies. One day, they may change their minds, but this will only occur after after they have diversified their exports to the point where the US does not account for 50% of their export markets.

I am hoping that people come to understand the insanity of nearly every government policy we have before that happens, think about it, if you name a topic i can name a counter productive government law or policy. Seriously, it's like Atlas Shrugged made real.