Americans Do Not Have to Pay Any Debts

[Everything]

Millions and millions of Americans are debt-free and they do not have any debts but every American has debts of estimated $285,000.
Why should debt-free Americans have $285,000 debts? Only Americans who have lived beyond their means, they have to pay debts of $285,000 and more.
Ron Paul has said "Obama has used all the credit cards available to USA"

Note: This poster has been banned, so there will be no responses to questions put to him.. ~FL

[Everything]

Read this:"The Government is lying about the amount of debt. It is engaging in Enron accounting," said Laurence Kotlikoff, an economist at Boston University and co-author of The Coming Generational Storm: What You Need to Know about America's Economic Future.

Mr Kotlikoff says the debt is actually $200 Trillion. Mr Moylan says the number is likely about $60 Trillion. "The problem is we're seeing an explosion in spending," added Andrew Moylan, director of government affairs for the National Taxpayers Union.

In 1980, the debt - the accumulated red ink incurred by the Federal Government - was $US909 billion.

THE actual figure of the US' national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office, according to analysts cited on Sunday by the New York Post.

[vision-master]

So what's Ron Paul plan on doing?


Paul would also make far-reaching changes to federal tax policy, reducing the top corporate income tax rate to 15 percent, eliminating capital gains and dividends taxes and allowing for repatriation of overseas capital without tax penalties. All tax cuts enacted under former President George W. Bush would be extended.

[xerces]

Perhaps we don't. But such a collective act would trigger a global economic collapse and likely a civil war in America.

[prajeshbhat]

No country in history has ever paid down it's debt. Russia did pay back some of is debt after the collapse of USSR. But that's all thanks to the oil and natural gas revenue.

[Ferretlover]

And, the point of this thread would be ... ?

[Keith_McClary]

And, the point of this thread would be ... ?

If you need to ask, you can't afford it.

[radon]

Russia did pay back some of is debt after the collapse of USSR.

Russia has paid the entire USSR debt.

[The Practician]

Russia did pay back some of is debt after the collapse of USSR.

Russia has paid the entire USSR debt.

The debt had been evaluated at tens of billions of dollars by the beginning of the 2000s, but it was successfully restructured. The swap in the amount of $31.7 billion to Eurobonds became a landmark financial event, Money Times wrote.

After the 1998 financial crisis, Russia ran into difficulties with its debt service and in 2000 agreed a second restructuring with the London Club, under which PRINs and IANs were swapped for Russia's sovereign Eurobonds worth $31.7 billion with maturities in 2010 and 2030.

Overall, the Finance Ministry has made four debt swap offers, which have been accepted by 99.9% of creditors, RIA Novosti said.

In August of 2009, the Russian government supported the Finance Ministry’s Initiative to finally solve the debt issue with the London Club. It also became clear that the Russian Federation would enter the market of foreign loans again.

Yes, Russia paid off a whopping 31.7 billion in debt from the USSR, because nobody would lend them any money after they defaulted on their own debt in 1998. Whoop de doo.

It's crazy, looking at that tiny little number, 31.7 billion, in comparison to the amounts of money being thrown around these days as we move from crisis to crisis.

[careinke]

So what's Ron Paul plan on doing?


Paul would also make far-reaching changes to federal tax policy, reducing the top corporate income tax rate to 15 percent, eliminating capital gains and dividends taxes and allowing for repatriation of overseas capital without tax penalties. All tax cuts enacted under former President George W. Bush would be extended.

I think if we eliminated corporate taxes, and imposed tariffs on imported goods, there would be a shortage of transportation to get all the companies back on American Soil.

[prajeshbhat]

http://www.forbes.com/2010/02/19/russia-eurobond-auction-markets-bonds-deficit-putin.html

The oil-rich country hasn't issued an international bond for the last decade, largely because it hasn't needed to. Russia has accumulated the world's third-largest foreign currency reserves (totaling about $450 billion today) thanks to rich deposits of crude oil.

But its avoidance of the debt market is about to change. Later this year, at a date not yet specified by Moscow, Russia will launch its first international bond in a decade, as it seeks to pay down what has also amounted to its first budget deficit in 10 years--$16.6 billion.

Now that the same government has been in power for well over a decade, they know they can play with public money all over again.

[radon]

http://www.forbes.com/2010/02/19/russia-eurobond-auction-markets-bonds-deficit-putin.html

The oil-rich country hasn't issued an international bond for the last decade, largely because it hasn't needed to. Russia has accumulated the world's third-largest foreign currency reserves (totaling about $450 billion today) thanks to rich deposits of crude oil. ...

Now that the same government has been in power for well over a decade, they know they can play with public money all over again.

Finally doing the right thing. Instead of financing foreign nations' budget deficits, borrow to expand Russia's own budget. In other words, instead of giving free lunch to foreign "moochers" (as some call them here) or foreign military, borrow to finance your own ones. Absolutely sensible and people-oriented domestic policy.

But it would be better to borrow in roubles.

[prajeshbhat]

Too bad they cannot print the global reserve currency. But if the dollar goes down the toilet and the markets opt for a "Basket of Currencies", the Rouble could be one of them. Yippee.

[Ferretlover]

And, the point of this thread would be ... ?

If you need to ask, you can't afford it.