Thread: Ron Paul's plan: Repudiate $1.6 trillion debt to Federal Res

OWE NO!

Sound off on Ron Paul's plan to repudiate $1.6 trillion debt to Federal Reserve

~ It would wreak havoc with banking, international markets and confidence in the U.S. to pull a crazy stunt like this
~ It would be irresponsible and destabilizing to repudiate a legitimate debt in this way
~ If nothing else, it looks really bad. It's the kind of thing I'd expect Zimbabwe to do
~ I'd be concerned about all the unintended economic consequences of the government repudiating its debt to the Fed
~ It seems too good to be true - there must be a catch
~ I'd be delighted to see the federal government repudiate its debt to the Fed
~ We should pay our debts to individual bond holders and lenders like China, but there's no earthly reason to "pay back" a private banking cartel for money it created without doing any work
~ It's great. Americans shouldn't have to "repay" trillions of dollars, created out of thin air, to a secret cabal of bankers
~ It's terrific. But the government shouldn't just repudiate the QE2 debt - it should eliminate all debts owed to the Federal Reserve
~ This is so simple. An act of Congress will end the crisis and buy us six months to come up with a sane, long-term debt strategy
~ I cannot understand why House Republicans haven't gotten behind this plan
~ Other

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OWE NO!

Sound off on Ron Paul's plan to repudiate $1.6 trillion debt to Federal Reserve

(904 votes)

~ It's terrific. But the government shouldn't just repudiate the QE2 debt - it should eliminate all debts owed to the Federal Reserve 34% (310)
~ It's great. Americans shouldn't have to "repay" trillions of dollars, created out of thin air, to a secret cabal of bankers 23% (209)
~ I cannot understand why House Republicans haven't gotten behind this plan 14% (129)
~ This is so simple. An act of Congress will end the crisis and buy us six months to come up with a sane, long-term debt strategy 14% (12
~ We should pay our debts to individual bond holders and lenders like China, but there's no earthly reason to "pay back" a private banking cartel for money it created without doing any work 7% (65)
~ I'd be delighted to see the federal government repudiate its debt to the Fed 2% (20)
~ It seems too good to be true - there must be a catch 2% (15)
~ I'd be concerned about all the unintended economic consequences of the government repudiating its debt to the Fed 1% (10)
~ Other 1% (10)
~ It would wreak havoc with banking, international markets and confidence in the U.S. to pull a crazy stunt like this 0% (4)
~ If nothing else, it looks really bad. It's the kind of thing I'd expect Zimbabwe to do 0% (2)
~ It would be irresponsible and destabilizing to repudiate a legitimate debt in this way 0% (2)

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Why are we ignoring simple, painless debt solution?

Posted: July 28, 2011
8:09 pm Eastern
© 2011

Suppose you were so broke – I mean so hopelessly in debt – that in just a few days your money would run out and you'd find it difficult just to stay in your home and feed your family.

But then, miraculously, you discovered a large stash of money you had completely lost sight of, but which would easily take care of all your family's expenses for the rest of the year, giving you plenty of precious time to figure out how best to deal with your long-term financial situation?

Wouldn't that be cool?

Of course. And that's exactly the kind of overlooked money stash the United States government has at its disposal – right now. Stay with me.

Washington today is dominated by the daily melodrama, propaganda and brinksmanship of the debt-ceiling debate. The Republican House is operating in good faith, but is opposed by the modern federal government's other major branches – the Senate, the White House and the Propaganda Ministry (aka "mainstream media").

The city is approaching panic level. Minnesota congresswoman and GOP presidential candidate Michele Bachmann correctly notes that Obama, should he invoke a rogue interpretation of the 14th Amendment and bypass Congress to raise the debt ceiling on his own authority, "would effectively be a dictator." Likewise, Florida Rep. Debbie Wasserman Schultz, chair of the Democratic National Committee, absurdly accuses House Republicans of the same thing, imposing "dictatorship" on the country while trying to "spark panic and chaos."

So here's the question: With this game of cosmic chicken currently being played with its myriad plans – "Cut, Cap and Balance," the "Gang of 6 plan," Harry Reid's plan, Boehner's latest plan and so on – what about the remarkably simple and painless plan offered by GOP presidential candidate and Texas congressman Ron Paul?

Oh. You never heard about that one?

Last chance to stop the debt limit hike with big push from “No More Red Inkâ€