Well we’ve heard it is possible and even so, many refuse to believe it will happen. But what if it does? Are you and your family ready for hyperinflation? You have just 7 days to prepare.
- Pay off any debt that has an adjustable interest rate. You can expect rates on credit cards to rise dramatically to becoming worthless within days.
- If you have stock market investments talk to your broker.
- Keep 25% of liquid assets in a foreign country. I recommend Canada.
- Stock up on food and medical supplies. At least a three month supply.
- Evaluate your transportation. Fuel prices will skyrocket.
- A small amount of Gold or Silver for trade. I have 1/10 oz gold coins and Morgan Silver dollars.
- Barter items. Alcohol, tobacco, batteries, ammo, matches and disposable lighters.
- Personal protection. Handguns, rifles, knives, etc.
- If you live in a high crime area consider moving until the problem subsides.
I’m sure many of you will continue to insist that nothing will happen and I truly hope that you are correct. On the other hand, you only get one chance to do right by your family, the choice is completely yours.
You do realize that our tax receipts are considerably more that the interest on the debt? The only way we default is the President orders the treasury not to pay and that would be unconstitutional.
14th Amendment Section 4.
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Reaching the debt ceiling does not mean that the government will default on the outstanding government debt. In fact, the U.S. Constitution forbids defaulting on the debt (14th Amendment, Section 4), so the government is not allowed to default even if it wanted to.
In reality, if the debt ceiling is not raised in the next two weeks, the government will actually have to prioritize its expenses and keep its monthly, weekly, and daily spending under the revenue the government collects. In simple terms, the government would have to spend an amount less than or equal to what it earns. Just like ordinary Americans have to do in their everyday lives.
Once the reality of what hitting the debt ceiling means is understood, the important question is: can the government actually live with a balanced budget? How much money could it spend? Could enough spending be cut to live within a balanced budget? The answer is yes, the federal government could live with a balanced budget. Below I will show you precisely how.
The federal government estimates it will collect almost $3 trillion in revenue for the fiscal year that runs from October 1, 2013 until September 30, 2014.
the interest on the national debt will be less than $240 billion.
So stop the default BS. You sound like that idiot we have for a president.
Edited by Happy Jack, 11 October 2013 - 02:27 AM.