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What will happen if our government goes bankrupt?

Surely everyone knows by now that:
1. China is not going to keep on buying US debt if we keep spending recklessly and devaluing the dollar. http://www.washingtontimes.com/news/2009/mar/13/china-worried-about-us-treasury-holdings/
2. US government revenues are way down. http://news.yahoo.com/s/ap/us_plummeting_taxes
4. The budget deficit and national debt are both at insurmountably high levels.
5. The president and congress continue spending like drunken, suicidal fools, and now want to pass a healthcare plan that would be absolutely IMPOSSIBLE to sustain, budget-wise.

Has anyone stopped to consider that the possibility that our government could go under? What would that be like?

 
Anonymous

Asked by Anonymous at 12:35 AM on Aug. 19, 2009 in Politics & Current Events

This question is closed.
Answers (15)
  • I think we are closer to this happening than most ppl realize.... I have done extensive research on what is really going on lately and I am not surprised to say the least... people need to wake up and open their eyes to what our country is going to become in the near future....
    orkibe3

    Answer by orkibe3 at 2:19 AM on Aug. 19, 2009

  • Hmmm... nobody wants to think about this, do they?
    Anonymous

    Answer by Anonymous at 12:53 AM on Aug. 19, 2009

  • We will soon find out if we don't get these stupid libs out of office and several of the reps as well.
    Carpy

    Answer by Carpy at 5:35 AM on Aug. 19, 2009

  • It will happen very soon. What will it be like, the cities will be mass chaos with looting rioting and crime rates like you have never seen. Then when they have gotten all they can from the cities they will start moving out in hoards to find food and whatever else they feel they are entitled too. Folks that are used to the government providing their every need will not want to change their ways. They will continue with the yours is mine attitude.
    luvmybabieskna

    Answer by luvmybabieskna at 6:01 AM on Aug. 19, 2009

  • Lear manderin chinese.
    Ibelongtojesus

    Answer by Ibelongtojesus at 7:51 AM on Aug. 19, 2009

  • Obama admitted that we were out of money months ago. SO we are broke. We are just keeping it hush hush.... Wonder why?????????
    Ibelongtojesus

    Answer by Ibelongtojesus at 7:52 AM on Aug. 19, 2009

  • I think we need to seriously consider that the dollar may become worthless as there is a huge amount of new currency being printed with nothing behind it ... supply and demand ... too many dollars. I think about countries like Zimbabwe, Argentine and Brazil. I'm transfering my personal savings into silver and gold to hedge against inflation and bank closures. The FDIC is out of money, so savings are no longer insured. Frightening times, thanks to greed, corruption, and special interests ...
    Anonymous

    Answer by Anonymous at 8:16 AM on Aug. 19, 2009

  • Scarey stuff!
    heathermarie32

    Answer by heathermarie32 at 8:27 AM on Aug. 19, 2009

  • it is impossible since theoretically the gov't could produce more money to cover themselves. we are under a fiat standard, no longer the gold standard, if we need more money, we can print it. although that would be highly undesireable since that in turn would cause extreme inflation. this is why all gov't securities are risk-free, it is based on the gov't being unable to go bankrupt.

    and yes you all will bash me for being a poor typer and speller, but at least i'm well read. the majority of you could use a lesson in economics.
    that_one_chick

    Answer by that_one_chick at 8:43 AM on Aug. 19, 2009

  • putting all your money into a commodity like gold or silver won't do anything. the price assigned to them is market based and if the market decides that gold and silver are out and some other new metal is in, then your hedging contracts will be worthless. when you start to go the futures route and forex trading, you are not buying any actual asset, you are just buying the right to a set price in the future.
    that_one_chick

    Answer by that_one_chick at 8:45 AM on Aug. 19, 2009