DiscussMormonism.com

Loonies on the left, loonies on the right.

Nobody wants to talk about the national debt crisis that is looming.

It's gonna get weird.

What about RFK? What's his solution?

Gadianton wrote: ↑

Sat Jul 27, 2024 8:18 pm

What about RFK? What's his solution?

I hear you ask, "Morley, what could possibly be worse than the dysfunctional idea of reimposing the Gold Standard?" I will answer, of course, that you should take the ancient, unworkable, asinine Gold Standard and marry it to the brand new, ill-considered, volatile, and unproven Bitcoin standard!

Kennedy Jr. wants to back treasury securities with precious metals and bitcoin.

Thanks, I guess Bill himself is one of those who doesn't want to talk about the national debt crisis, just as he predicted.

I actually didn't know what RFK's plan was, and so that wasn't a set-up on my part. I thought that Bill was an RFK fan and that this could be his segue into an RFK policy so I bit the hook.

Oh, spot on. The Kennedy official website called the national debt America's biggest crisis on July 26.

https://www.kennedy24.com/rfk_jr_crypto ... est_crisis

From reading this article, RFK does not know what Bitcoin is, and it's possible he doesn't know what the national debt is. I mean, "proposing bitcoin as a solution" is NOT taking the national debt seriously. It's just throwing something random out there.

According to him, Bitcoin offers a decentralized financial system that may help relieve some of the debt-related issues.

Yeahh...Bitcoin has a few DeFi projects built on it but it wasn't meant for DeFi. According to A.I., "Bitcoin can process between three and six transactions per second." Wow, what a great plan that would be. It would certainly slow down government spending.

bill4long wrote: ↑

Sat Jul 27, 2024 6:12 pm

Nobody wants to talk about the national debt crisis that is looming.

You're wrong; I want to talk about it. What's your take on it?

Is RFK’s plan to ask Don to pay it down in exchange for his endorsement?

Gadianton wrote: ↑

Mon Jul 29, 2024 1:54 am

From reading this article, RFK does not know what Bitcoin is, and it's possible he doesn't know what the national debt is.

No kidding.

National debts aren’t easy to understand. They’re different from private debts. No guys are going to come break Uncle Sam’s legs. They’d have to get through the Marine Corps.

Governments can also raise taxes or just print money, so as long as their debts are to be repaid in their own national currency, they are always able to repay. Because governments can always repay, people are usually happy to lend to governments. They do that by buying things like Treasury bills, which are important investment vehicles on which a lot of economic activity is based.

No government debt would mean no government bonds held by anyone, so everyone would have to rely on riskier investments—and just make them more cautiously. That would mean less investment in start-ups and a generally slower economy. A modern government would actually be wise to run up some debt even if it didn’t need extra money, just to put some government bonds out there to help the economy.

So reining in the debt isn’t necessarily the safe and prudent thing to do, for a government. It’s not even always wise for a business; sometimes the smart move is to borrow more money so you can seize an opportunity. If a government cuts down its debt too much, or at the wrong time, it can do a lot of damage. Just keeping on kicking the debt down the road to future generations, in contrast, can be an absolutely safe and painless procedure.

Printing too much money can be bad, at some point. Having to devote too much of your national budget to interest payments on your bonds can be bad at some point, as well. The only sure way to find out just where these points are, though, is to go past them. Economics isn’t physics. Electrons don’t fall faster or slower depending on how they’re feeling this year, but people really do.

I’m not an economics guy, but I know that “national debt is bad” is just false. Too much debt could be bad, but so could too little. Insofar as any economic rules even exist, the rules really are different for households and governments.

Physics Guy wrote: ↑

Mon Jul 29, 2024 4:03 pm

I’m not an economics guy, but I know that “national debt is bad” is just false. Too much debt could be bad, but so could too little. Insofar as any economic rules even exist, the rules really are different for households and governments.

Agreed.

Let's MAGA and take tax rates on highest brackets back to the good ole days of the 1950s. And uncap Social Security wage taxes. And end capital gains classification and classify all income the same for tax purposes.