The bills, great or small, are still unpaid. They are among the $40 trillion worth of accumulated federal debt that must be serviced every year, for ever and ever and ever. Amen.
A painful look at history to start the day Bill, but the truth hurts, as they say. "Carlo Ponzi might be proud. Practically all of the world’s post-war western governments adopted his model. But where are we going with this? Where else, the same place it took Ponzi himself: to Hell in a handcart! Ponzi died in a charity ward in Brazil, with only $75 to his name. I am sure many people around the globe will end up in a sad ending as did Ponzi.
Real money, GOLD, will shine again as it always has throughout history but it will be at the end of a lot of pain.
Yes, Jim, gold will shine again but the transition is going to be UGLY, UGLY, and UGLY. Plus most have no shiny gold. While I hope the Taco Clown shares the same fate as ol' Ponzi, that won't help anybody. And, he isn't the cause - frankly, he is just the "epic loser" at the end when there is no road to kick the can down. And, as Toby Keith sang - "all my life I knew it would end" - it is going to be the same for the US$. As it is said - it will be slow, slow and then all of a sudden - and "SUDDEN" is knockin' at our door.
Not saying that repudiation of the national debt is the easiest way,
it's just the most honest way.
Our generation created this crushing debt, and we should pay for it. That's the honorable thing to do: man up and pay your own debts.
Ignorant and effete spenders, rich and poor, should pay the price of their greedy ignorance – not leave the Debt to the children.
The effete rich created -- and our generation bowed -- to this crushing debt system. We will pay for it, that's for certain, but not by enriching the morally crippled effete.
In my opinion the honorable way to make use of Maximum Safety Mode now, and the assets it will leave in our pockets during the coming Big, BIG LOSS, is this:
lift the honest working folks in our own commons.
That's the honorable example and name to leave our own children and grandchildren.
The leftist French presidential contender maybe on to something here, just renege on the debt. Sort of an unethical economic Jubilee. I would say the powers that be, around the world, may be considering such a reset.
That word JUBILEE has shown up in a few articles over the past year or two. It's roots are from the bible and I wouldn't be surprised to see it become the solution of choice.
I'm guessing it will be more of the same. A lot of politicians can't even decide if there are men and women. Hence the most likely situation is that they wait for a collapse, just like we are seeing on the whole debt issue from the beginning till now. Then once the collapse comes the ruling party will make excuses to give protection to their supporters.
I have always thought that eventually, the entire world will have to have a debt jubilee. A huge reset where everybody goes to zero. It's the only way to cure this.
Tom, there is no other choice - fiat currency isn't money. Gold is - and there isn't enough to keep the death spiral going. Sort of "unethical" - really? The leaders are never "ethical" - it is always about them and their cronies. That is like thinking Al Capone was ethical. Going to be horrific and there is NO solution. Even good ol' Ponzi couldn't make that happen.
It is the most likely outcome and has happened before in many countries.
If most of the "money" is fake its deletion will bring us back to the beginning of a new economic cycle.
The wealthy, and insiders will acquire all the important assets, at bargain prices, and the proles will get nothing. Maybe a UBI if they are lucky, with strings attached !
At $5.2 trillion, we pay more in federal taxes (and that's not the end of it, not by a long shot) than most countries have in GDP. That's a LOT of government. Half the country thinks we should have more taxes/government, and many in the country think the government should get/have it ALL. Best always. PM
That I have lived to see this day! Remember when “the full faith and credit of the U.S. government” meant something? So much has been squandered in the past quarter century. It boggles the mind that we have been so monumentally stupid. Listening to Siren songs and following Pied Pipers. And now we must entertain the idea of default as a viable option? Our poor grandchildren!
My grandchildren are in their thirties; it will be the great grands who will benefit. Gold, yes. Some food. Not proficient with guns. Would try if necessary. My trust is in God and whatever He allows is actually okay with me.
Ellen, fortunately, our grandchildren will be the benefactor of the default. Us. Our children. Will be the one's facing the crash. And, what happens to the world when it all blows up? Getting to the other side is going to be horrific and many will not survive. Got Gold. Got guns and ammo. Some food.
Several commenters today have mentioned Jubilee. The term in recent usage has come to mean a celebration on the occasion of a special event, but in the original meaning and usage, it meant an economic and social reset that those who were debtors and slaves would celebrate. But, it meant those who were slave owners, lenders and mortgage holders would be loosing a large part of 49 years of asset accumulation, not a happy event for them. This system would be pretty effective in preventing or slowing generational accumulation of wealth. Several years before an upcoming Jubilee, the value of slaves would decline to near zero as liberation day approached. Loans would be harder to obtain and interest rates would go up because no one would want to be holding a lot of notes that would soon be zeroed out. The economy would be reset every 50 years or about once in a lifetime.
An economic Jubilee today would be a different thing entirely because there has been no reset for centuries and effectively, society would collapse, a naturally expected event in a debt based system that has no built in reset mechanism. Those wishing for a Jubilee to correct our present day economic imbalances have no clue about how hard it will be for themselves and their families to survive to take advantage of the opportunities after the reset.
I still remember paying two-bits getting on a bus. If we look at the institution known as the state it has filled every nook and cranny known to us in an effort to help offset the very thing it was meant to create. Which brings me to Javier Milei's quote if printing money would end poverty printing diplomas would end stupidity
The Jubilee is already taking place. It is called "inflation". The reason it is not front-page news is because it's so under reported. I subscribe to Shadow Stats, which continues to calculate the monthly CPI using the same criteria that Paul Volker used when he had to take interest rates to 20% to get inflation under control.
For example, so far in 2026 (Jan -Jul) our government has reported a total CPI of 23.01% vs. Shadow States of 77.65%. I turned 65 in 2003. The total official reported CPI during those 23 years is 733.14% vs Shadow Stats 2,855.26%. I remind you that our national debt in 2003 was 6.4 trillion. In my opinion, our government is only reporting 25-30% of the real inflation percentage.
And JD Vance just said that it might not be a good thing, might not be an “advantage” to have the world’s reserve currency. Was he foreshadowing something that he knows is inevitable or is there something more strategic in that comment?
“Obstreperousness”. Anyone else need to look that up? I know I did. The Swiss were the last to decouple their currency from gold in 2000. Nations- quit being so obstreperous and skating on thin ice. Not- gold,gold,and more gold,Amen.
Latin America is full of Debt Jubilees.. Argentina and Brazil probably the best examples of what happens when one's currency becomes worthless. I lived in Colombia and we had a 100% devaluation of the Colombia peso overnight. 10:1 when I went to bed, 20:1 when I woke up, thanks to the IMF in those days.
Jubilee for whom? For bankers, financial shenanigans and politicians? I don’t think retail borrowers will be included, the little guys are always on the hook or with noose around the neck.
Everything -- except pillaging especially of grocery stores and hording -- will stop.
Those with guns will likely use them to take whatever they need for survival
Hopefully, leaders throughout the world will obviate this chaos by planning an orderly transition from the system we've abused to a new one that uses currency that can't be debased
A painful look at history to start the day Bill, but the truth hurts, as they say. "Carlo Ponzi might be proud. Practically all of the world’s post-war western governments adopted his model. But where are we going with this? Where else, the same place it took Ponzi himself: to Hell in a handcart! Ponzi died in a charity ward in Brazil, with only $75 to his name. I am sure many people around the globe will end up in a sad ending as did Ponzi.
Real money, GOLD, will shine again as it always has throughout history but it will be at the end of a lot of pain.
Jim Marshall
Yes, Jim, gold will shine again but the transition is going to be UGLY, UGLY, and UGLY. Plus most have no shiny gold. While I hope the Taco Clown shares the same fate as ol' Ponzi, that won't help anybody. And, he isn't the cause - frankly, he is just the "epic loser" at the end when there is no road to kick the can down. And, as Toby Keith sang - "all my life I knew it would end" - it is going to be the same for the US$. As it is said - it will be slow, slow and then all of a sudden - and "SUDDEN" is knockin' at our door.
Not saying that repudiation of the national debt is the easiest way,
it's just the most honest way.
Our generation created this crushing debt, and we should pay for it. That's the honorable thing to do: man up and pay your own debts.
Ignorant and effete spenders, rich and poor, should pay the price of their greedy ignorance – not leave the Debt to the children.
The effete rich created -- and our generation bowed -- to this crushing debt system. We will pay for it, that's for certain, but not by enriching the morally crippled effete.
In my opinion the honorable way to make use of Maximum Safety Mode now, and the assets it will leave in our pockets during the coming Big, BIG LOSS, is this:
lift the honest working folks in our own commons.
That's the honorable example and name to leave our own children and grandchildren.
Lets hope the reckoning punishes both borrowers and lenders equally.
And let's also hope that the punishment is enough to leave a lasting lesson, but not bad enough to destroy the good that remains..
The leftist French presidential contender maybe on to something here, just renege on the debt. Sort of an unethical economic Jubilee. I would say the powers that be, around the world, may be considering such a reset.
That word JUBILEE has shown up in a few articles over the past year or two. It's roots are from the bible and I wouldn't be surprised to see it become the solution of choice.
Jim
I'm guessing it will be more of the same. A lot of politicians can't even decide if there are men and women. Hence the most likely situation is that they wait for a collapse, just like we are seeing on the whole debt issue from the beginning till now. Then once the collapse comes the ruling party will make excuses to give protection to their supporters.
Always
I have always thought that eventually, the entire world will have to have a debt jubilee. A huge reset where everybody goes to zero. It's the only way to cure this.
And then they'll do it all again LOL.
At this point in time, it is the only option left.
With a war somewhere to distract the proles !
A Jubilee will be the preferred option of all politicians in every indebted country.
It rewards their profligacy and ensures their re-election.
What it wouldn't do is ennoble the obligation to repay debts.
For example, who would ever again buy a US bond?
And could the nation endure if the USG had to live within its means?
And what would happen if, post-Jubilee, it wouldn't?
Good questions , but one will not know until one comes to that bridge and crosses it . Until then ??????????
Tom, there is no other choice - fiat currency isn't money. Gold is - and there isn't enough to keep the death spiral going. Sort of "unethical" - really? The leaders are never "ethical" - it is always about them and their cronies. That is like thinking Al Capone was ethical. Going to be horrific and there is NO solution. Even good ol' Ponzi couldn't make that happen.
Yes, that may be the least painful way out. And then, back currencies with gold and the world will be able to move forward.
It is the most likely outcome and has happened before in many countries.
If most of the "money" is fake its deletion will bring us back to the beginning of a new economic cycle.
The wealthy, and insiders will acquire all the important assets, at bargain prices, and the proles will get nothing. Maybe a UBI if they are lucky, with strings attached !
Same old story !
At $5.2 trillion, we pay more in federal taxes (and that's not the end of it, not by a long shot) than most countries have in GDP. That's a LOT of government. Half the country thinks we should have more taxes/government, and many in the country think the government should get/have it ALL. Best always. PM
That I have lived to see this day! Remember when “the full faith and credit of the U.S. government” meant something? So much has been squandered in the past quarter century. It boggles the mind that we have been so monumentally stupid. Listening to Siren songs and following Pied Pipers. And now we must entertain the idea of default as a viable option? Our poor grandchildren!
My grandchildren are in their thirties; it will be the great grands who will benefit. Gold, yes. Some food. Not proficient with guns. Would try if necessary. My trust is in God and whatever He allows is actually okay with me.
Amen 🙏
Ellen, fortunately, our grandchildren will be the benefactor of the default. Us. Our children. Will be the one's facing the crash. And, what happens to the world when it all blows up? Getting to the other side is going to be horrific and many will not survive. Got Gold. Got guns and ammo. Some food.
Several commenters today have mentioned Jubilee. The term in recent usage has come to mean a celebration on the occasion of a special event, but in the original meaning and usage, it meant an economic and social reset that those who were debtors and slaves would celebrate. But, it meant those who were slave owners, lenders and mortgage holders would be loosing a large part of 49 years of asset accumulation, not a happy event for them. This system would be pretty effective in preventing or slowing generational accumulation of wealth. Several years before an upcoming Jubilee, the value of slaves would decline to near zero as liberation day approached. Loans would be harder to obtain and interest rates would go up because no one would want to be holding a lot of notes that would soon be zeroed out. The economy would be reset every 50 years or about once in a lifetime.
An economic Jubilee today would be a different thing entirely because there has been no reset for centuries and effectively, society would collapse, a naturally expected event in a debt based system that has no built in reset mechanism. Those wishing for a Jubilee to correct our present day economic imbalances have no clue about how hard it will be for themselves and their families to survive to take advantage of the opportunities after the reset.
I still remember paying two-bits getting on a bus. If we look at the institution known as the state it has filled every nook and cranny known to us in an effort to help offset the very thing it was meant to create. Which brings me to Javier Milei's quote if printing money would end poverty printing diplomas would end stupidity
I rest my case.
The Jubilee is already taking place. It is called "inflation". The reason it is not front-page news is because it's so under reported. I subscribe to Shadow Stats, which continues to calculate the monthly CPI using the same criteria that Paul Volker used when he had to take interest rates to 20% to get inflation under control.
For example, so far in 2026 (Jan -Jul) our government has reported a total CPI of 23.01% vs. Shadow States of 77.65%. I turned 65 in 2003. The total official reported CPI during those 23 years is 733.14% vs Shadow Stats 2,855.26%. I remind you that our national debt in 2003 was 6.4 trillion. In my opinion, our government is only reporting 25-30% of the real inflation percentage.
And JD Vance just said that it might not be a good thing, might not be an “advantage” to have the world’s reserve currency. Was he foreshadowing something that he knows is inevitable or is there something more strategic in that comment?
Reneging on a portion of the debt will change Nothing … Unless it’s directly related to reneging to all government transfer payments.
“Obstreperousness”. Anyone else need to look that up? I know I did. The Swiss were the last to decouple their currency from gold in 2000. Nations- quit being so obstreperous and skating on thin ice. Not- gold,gold,and more gold,Amen.
Latin America is full of Debt Jubilees.. Argentina and Brazil probably the best examples of what happens when one's currency becomes worthless. I lived in Colombia and we had a 100% devaluation of the Colombia peso overnight. 10:1 when I went to bed, 20:1 when I woke up, thanks to the IMF in those days.
Your debt will always stay with you... If you can't budge it.
Bill ; Can you describe what you think that would look like
Jubilee for whom? For bankers, financial shenanigans and politicians? I don’t think retail borrowers will be included, the little guys are always on the hook or with noose around the neck.
They will all be compelled to declare bankruptcy.
When that occurs, a great upheaval will occur.
Everything -- except pillaging especially of grocery stores and hording -- will stop.
Those with guns will likely use them to take whatever they need for survival
Hopefully, leaders throughout the world will obviate this chaos by planning an orderly transition from the system we've abused to a new one that uses currency that can't be debased
Bill: Sooner or later, you're going to give me an anxiety attack.