What would happen if a country were to go bankrupt?

Would it dissolve into the neighboring countries?

 

Not implying anything, by the way...

WORLD DOMINATION!

"The alternate domination of one faction over another, sharpened by the spirit of revenge natural to party dissention, which in different ages & countries has perpetrated the most horrid enormities, is itself a frightful despotism. But this leads at length to a more formal and permanent despotism. The disorders & miseries, which result, gradually incline the minds of men to seek security & repose in the absolute power of an Individual: and sooner or later the chief of some prevailing faction more able or more fortunate than his competitors, turns this disposition to the purposes of his own elevation, on the ruins of Public Liberty." 

— George Washington, September 19, 1796

 

'Nuff said. 

 

It seems both parties observe what they hold true to their parties and not the country as a whole.

Which is frustrating when those who are supposed to represent the US, are to busy representing their own party rather than working to unite the two parties.

 

A good friend of mine said on day one of the shutdown

"Take away their paychecks, they will work a hell of a lot faster, and better".

Could not agree more.

Except Congress still got paid. The shutdown didn't affect any money that's subject to permanent appropriation; that's why Social Security was unaffected. It only affected money that has to be reappropriated every year. Congressional salary isn't in that category; while most appropriations say "pay Y money out of the Treasury for fiscal year XXXX", members of Congress are paid under law that just says "pay Y money out of the Treasury". Even if Congress wanted to eliminate its own pay during the shutdown, it's probably unconstitutional to do so: The 27th Amendment, proposed with the Bill of Rights (yeah, it took ~200 years to ratify), says that any adjustments to congressional pay take effect starting in the next term; Congress can't change its pay for the current term (this is to discourage Congress from voting to give themselves ALL TEH MONEYZ; if they did so, they could be voted out before they had a chance to collect).

What would happen if a country were to go bankrupt?

Would it dissolve into the neighboring countries?

 

Not implying anything, by the way...

WORLD DOMINATION!

 

Even if the country did go bankrupt, it still has a huge military force, so I don't think Mexico is going to take over the US if it goes bankrupt. The only catch is that the government wouldn't really have a lot of money to pay for the army, but I think soldiers could take other forms of payment. For example, they could be paid with the US oil reserves or land.

 

That's not going to happen anyway, so it doesn't matter. :P I wonder if the government has actually done research on ways to pay it's military without using US dollars.

If the US defaults, other countries would be much, much less likely to loan to it in the future. This would force the US government to resort to printing more money (causing inflation; that's one way massive inflation and worthless currency happens) or, y'know, spend within the money collected from taxes (yeah, right). I'm not sure if creditors could technically repossess US government property, but good luck trying (as a general rule, don't piss off nuclear powers).

Even if the US defaulted, it could still issue currency. The value of the currency would go down, but they could still print money to pay soldiers. Remember, the US literally has a license to print money. Or, if the whim should strike (it often does), the US may legally just declare itself to have more money. The Fed can loan to banks by just saying "You have X dollars now".

If the US defaults, other countries would be much, much less likely to loan to it in the future. This would force the US government to resort to printing more money (causing inflation; that's one way massive inflation and worthless currency happens) or, y'know, spend within the money collected from taxes (yeah, right). I'm not sure if creditors could technically repossess US government property, but good luck trying (as a general rule, don't piss off nuclear powers).

Even if the US defaulted, it could still issue currency. The value of the currency would go down, but they could still print money to pay soldiers. Remember, the US literally has a license to print money. Or, if the whim should strike (it often does), the US may legally just declare itself to have more money. The Fed can loan to banks by just saying "You have X dollars now".

 

Yeah, the only thing I would worry about is that the currency would collapse too, and the soldiers would refuse to accept dollars.

i like to see that this disscussion is going well the only thing is that all you guys that are saying that the US gov is going to collapse are complete morons

i like to see that this disscussion is going well the only thing is that all you guys that are saying that the US gov is going to collapse are complete morons

I like just how ironic your statement was. You go from saying "this discussion is going well" to those people "are complete morons." No one said for sure that the US government will collapse soon, only that the current policies can't be sustained long term without disastrous results.

 

Also, it's a general rule of debate in "discussion" that you don't call someone a moron unless you offer points as to why they are a "moron."

i like to see that this disscussion is going well the only thing is that all you guys that are saying that the US gov is going to collapse are complete morons

 

Though it is very, very unlikely that the government would collapse, it is still a possibility. Just because someone says something that you disagree with doesn't make them a moron.

obama throws a tantrum because he didn't get his way with nazicare...I mean obamacare and then shuts down the government...part of it, he denies the vets the ww2 memorial and closes it off trying to make life as hard as possible for the American people yes this country will collapse but that's what happens when you let cancer like corruption plague this country letting it run rampant until the host is dead paving way for the new world order

God this constant hearing about the US problems hurts my brain. I dunno WHAT will happen in Canada if the US goes tits-up and worthless for what ever reason. Maybe i'll just move my igloo into Nunavut and live of seal blubber and drill for oil. Hook up my WiFi to my polpar bear treadmill and I can have power for a few years at least.

Maybe i'll just move my igloo into Nunavut and live of seal blubber and drill for oil. Hook up my WiFi to my polpar bear treadmill and I can have power for a few years at least.

I'm not that familiar with Canada; what department would I go to to suggest that all Canadian TV networks spend their whole budgets on making that a sitcom?

Well, the bill passed in the house, just need the President's signature which he already said he would do as soon as possible, but the funding is only for 2 and a half months. So we have enough funding until 2014.

Edited October 17, 201312 yr by Jerbell92

Well, the bill passed in the house, just need the President's signature which he already said he would do as soon as possible, but the funding is only for 2 and a half months. So we have enough funding until 2014.

well at least it better then no funding

"What are you talking about, America's not going to be destroyed."

"Never? Rome was destroyed. Greece was destroyed. Persia was destroyed. Spain was destroyed. All great countries are destroyed. Why not yours? How much longer do you think your country will last? Forever?"

 

-Survivor Guilt by Rise Against

 

"What are you talking about, America's not going to be destroyed."

"Never? Rome was destroyed. Greece was destroyed. Persia was destroyed. Spain was destroyed. All great countries are destroyed. Why not yours? How much longer do you think your country will last? Forever?"

 

-Survivor Guilt by Rise Against

 

Yea, Rome was destroyed, as was Greece, Persia, and Spain. You're correct. Were ANY of them Superpowers in the form of political, economical, and militaristic? The answer..... is no. Rome was a great nation, it's downfall was militaristic. It had conquered to much. Read my message again, I said, Obviously everything will come to an end, I have a firm belief that when humanity ends, so will the U.S. Not before, and obviously not after. As i said, Give me a nation that has achieved our status in the world, We have surpassed even Rome, and as i've said before Rome fell because it expanded to quickly. My point is we are in uncharted waters, there hasnt ever really been a country of this size, with this much influence in the world, just die. That's what I'm talking about, whether you were referring to my previous post or not.

Edited October 17, 201312 yr by Dayton17

Yea, Rome was destroyed, as was Greece, Persia, and Spain. You're correct. Were ANY of them Superpowers in the form of political, economical, and militaristic? The answer..... is no. Rome was a great nation, it's downfall was militaristic. It had conquered to much. Read my message again, I said, Obviously everything will come to an end, I have a firm belief that when humanity ends, so will the U.S. Not before, and obviously not after. As i said, Give me a nation that has achieved our status in the world, We have surpassed even Rome, and as i've said before Rome fell because it expanded to quickly. My point is we are in uncharted waters, there hasnt ever really been a country of this size, with this much influence in the world, just die. That's what I'm talking about, whether you were referring to my previous post or not.

 

I was just posting relevant song lyrics. Well, sort of lyrics.

That's what i thought with the signature thing. LOL. In that case, well it was never intended to be ill-stricken in the first place but yea, just a better understanding of my opinion on the issue haha.

Times like this I'm glad I live in Australia. But being American at heart I can't help but feel pissed off by these people "Running" the country.

 

Feels like at times all they care about is there Job and their money. (Witch is most likely true)

I'm not that familiar with Canada; what department would I go to to suggest that all Canadian TV networks spend their whole budgets on making that a sitcom?

I don't get Television Drama status?! Damn. So much for my acting career getting taken seriously...  

obama throws a tantrum because he didn't get his way with nazicare...I mean obamacare and then shuts down the government...part of it, he denies the vets the ww2 memorial and closes it off trying to make life as hard as possible for the American people yes this country will collapse but that's what happens when you let cancer like corruption plague this country letting it run rampant until the host is dead paving way for the new world order

 

It doesn't really matter whether or not they like Obamacare though, because both houses of congress passed it and it was signed into law as the Affordable Care Act.   Republicans have been trying for years now to repeal the law, and they've never been successful.   Instead of giving up and letting the people actually see for themselves 'how terrible' the law is, they decided to stoop down to the level of trying to put clauses into the budget to deny it any funding.   

 

That's not how you repeal a law - that's called underhanded political opportunism.  A bill removing and denying all funding to obamacare was never, ever, going to pass in the Senate.  Surely everyone knew this?  If so, why would they go ahead with this knowing that it would never pass in the Senate, meaning that no budget would get through, and therefore the government would shut down.  The Republicans were relying on Obama giving into their blackmail, and he didn't, and now they've had to surrender because of it.

 

Besides, I thought Republicans hated the government anyway, shouldn't they be happy they shut it down?