Will there be a debt reset of everything

spencerrothchild

Brock_and_Roll said:

Argentina is a classic example - serial defaulter and every time they default you think that people would be made to lend to them again.... but before you know it lenders are queuing up again!

But every country in the world can not pay their debts, it’s impossible to pay it all off, all they can do is borrow more

hence 99.9% of the debt in the world is being defaulted on 

onlyfoolsandparking

But 0.1% of world debt is being paid, that's good then nothing to worry about  

spencerrothchild

onlyfoolsandparking said:

But 0.1% of world debt is being paid, that's good then nothing to worry about  

Only billions of debt is being paid off in the world

that is nothing in the Austin Powers world of creating trillions of units of currency with interest owing on it out of thin air

onlyfoolsandparking

I don't know what cars have to do with it, I don't think an Austin powers has been made for a long time. 

eskbanker

onlyfoolsandparking said:

I don't know what cars have to do with it, I don't think an Austin powers has been made for a long time. 

Didn't he drive a Mini Me?

spencerrothchild

onlyfoolsandparking said:

I don't know what cars have to do with it, I don't think an Austin powers has been made for a long time. 

It was funny at the time, in the films they used to joke about a million dollars being a big number

then it was a billion dollars was a big number

these day 6 trillion dollars isn’t that big a number when you look at world debt

rymetymeuk

https://ftalphaville.ft.com/2020/04/09/1586437475000/The-calls-for-sovereign-debt-relief-are-mounting/
https://www.telegraph.co.uk/politics/2020/04/30/wipe-slate-clean-debt-jubilee-recover-economically-coronavirus/

https://www.thenation.com/article/economy/jubilee-cancellation-debt-coronavirus/

It is a real discussion to be had, the USA is not going to be able to repay that debt, fiat currencies fail in the end so imho this is a perfect time to introduce a gold backed currency and wipe debt and start again. think i'm crazy:

https://www.congress.gov/bill/115th-congress/house-bill/5404

H.R.5404 - To define the dollar as a fixed weight of gold.

FrugalCat

rymetymeuk said:

It is a real discussion to be had, the USA is not going to be able to repay that debt, fiat currencies fail in the end so imho this is a perfect time to introduce a gold backed currency and wipe debt and start again. think i'm crazy:

https://www.congress.gov/bill/115th-congress/house-bill/5404

H.R.5404 - To define the dollar as a fixed weight of gold.

It'll be a short discussion: The US doesn't own enough gold to fix the currency at the daily close price.

The only price they could fix it at is the dollars in circulation divided by gold they have in hand.

rymetymeuk

I'd like an audit of Fort Knox and the Fed, see where it's hiding..

FrugalCat

Circulation $1.9 Trillion
Reserve 8,133 metric tonnes or 2.8618e+8 ounces
Makes a gold price of $66.34/ounce