quote: The problem - we owe to much cash.
quote: -Have the agency that prints money buy lots of your own debt. (for the US, that's the Federal Reserve)
quote: -Cut interest rates on intrabank loans (the cost of getting money, aka the fed funds rate) as low as it can go
quote: So if the fed both holds the bond and pays the interest due, where does the actual money come from?
quote: Doesn't matter if you're looking at class or corporations; nobody wants to be the ones to buck up and pay off these burdens that America has been saddled with.
quote: The debt created by Chinese/FRB interest must be serviced, so it must either be:1. Borrowed from the system that created it2. Extracted from the public as taxes/revenues.
quote: The most shameless thing about it is that the people who benefited the most (corporations and the rich)
quote: 3. Massively cut the size and budget AND spending power of the Federal Government/Federal Reserve. And this time actually use the surplus on spending down the debt.
quote: 4. Exporting and selling off (like China does) our abundant natural resources for a short time. Lots of countries would pay top dollar for our coil, as an example, which we use little of ourselves. We also have vast untapped natural gas reserves.
quote: I also find it humorous that you see things in such a mutually exclusive light. That you must cut spending OR raise taxes.
quote: I also find it humorous that you never even suggested cuts.
quote: You say that now, but you only had two items on your list. Borrowing and taxation, correct?
quote: Since tax breaks have been in effect, private sector is responsible for virtually NO growth.