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You reckon people are going to revolt? I have serious doubts about that.

• adventured 13y ago
  Only when the social contract is violated will there be revolt. That contract, roughly 75 years old now, is currently on death notice, being funded solely by a printing press. Simply put, the promises can never be met. If interest rates on US debt were just a mere 5% (reasonable given the risk), the $800+ billion per year in interest would instantly 'bankrupt' the government (whether that default occurs directly or via inflation). If one understands much about economics, one understands this outcome is inevitable, and likely sooner than later. Cheap debt binged and not repaid, becomes an expensive anchor around the neck eventually.
  • freehunter 13y ago
    Can the US government really go bankrupt, though? I thought that was a central point that Reagan, Cheney, and Obama have made. It doesn't matter how much we spend because federal debt means nothing. The creditors can't really call it in without mutually assured destruction. Our debt is a WMD and no one in their right mind would pull that trigger.