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4 Bumps

Exactly what happens if our government collapses under debt?

What I'm reading now...
http://www.foxnews.com/politics/2010/12/26/coburn-control-government-spending-face-apocalyptic-pain/?test=latestnews

Please don't attack the source-it's useless. I read all kinds of sites, this is just one, and I'm wondering how YOU think it will affect us personally if it happens.

Answer Question
 
lovinangels

Asked by lovinangels at 3:03 PM on Dec. 26, 2010 in Politics & Current Events

Level 39 (112,638 Credits)
Answers (20)
  • That's the problem - we don't know. We would most likely need to be bailed out by other nations, but it that happens, it still has a domino effect through the global economy - by lending us the money to make ends meet, their own money loses value. It could lead to massive instability or an entire global reset - where everyone just agrees to forgive debts, start over, and pretend it never happened. Either one has miserable consequences.
    NotPanicking

    Answer by NotPanicking at 3:42 PM on Dec. 26, 2010

  • Then people will have to go back to trading for goods and services?
    We will be screwed. Either way.
    Raine2001

    Answer by Raine2001 at 3:48 PM on Dec. 26, 2010

  • We'll end up somewhere between what NP and Raine said--between borrowing and bartering! Progressives will have "won" (whatever that means). And they said they the US is too big to fail!
    LoriKeet

    Answer by LoriKeet at 4:46 PM on Dec. 26, 2010

  • Whatever happenes, it won't be pretty, and I know I don't want to be where I am now (geographically) when it does.
    May-20

    Answer by May-20 at 5:06 PM on Dec. 26, 2010

  • What is guaranteed is with anything approaching 18% unemployment ~ and a gov't. that is broke or defunct ~ there also won't be any welfare payments going out. Most likely there won't be any gov't. paychecks or pensions, any SS/SSI/SSDI, and quite likely it would wipe all but very secure private investments as well.

    What there would be would fall under chaos; rampant crime, no services such as fire/ambulance/police, vigilanty groups, etc. Most likely there would also be widespread shortages of all necessities, food, medicine, etc.

    What the outcome would be nationally/internationally is as NP stated ... nobody really knows. What I would expect is that our enemies would not let such a chance slide by without at least attempting to take over ~ and without a functioning government or military that is the part that would be scariest to me. I happen to like being an American.
    Farmlady09

    Answer by Farmlady09 at 6:17 PM on Dec. 26, 2010

  • Not likely to happen in a rapid fashion. More like Venezuela with a centralized response to high food prices, gasoline and utility costs that causes isolated rioting and protests that "force" the Federal government to "take control" and price fix. The end result is a micro-managed economy and the passing of capitalism's free market. Until November 2, we were well on that road. With the checks and balances back in place, we should be able to forestall a breakdown and limp to 2012 and a fiscally conservative President that believes the Constitution and its amendments are far more than just a set of negative rights.
    annabarred

    Answer by annabarred at 8:37 PM on Dec. 26, 2010

  • We will become a territory of China - we are already in debt to them to our eyeballs.
    scout_mom

    Answer by scout_mom at 9:22 PM on Dec. 26, 2010

  • #1. The Start Treaty was recently signed with Russia and limits our nuclear endeavors across the board, we are pretty much sitting ducks to everyone; including Sitting Bull;  "The Obama administration, though, has demonstrated an interest in settling claims from American Indians and other groups when possible. On top of the so-called Pigford settlement, which recently awarded $1.2 billion to black farmers who claimed they were cheated out of loans by the Agriculture Department, Obama earlier this month signed a law authorizing $3.4 billion to address American Indian claims… see link,


    http://www.foxnews.com/politics/2010/12/24/obama-reversal-indigenous-peoples-stirs-concern-legal-claims/ 


     


     

    agentwanda

    Answer by agentwanda at 10:56 PM on Dec. 26, 2010

  • Add to #1 reply: We get to pay for what the agriculture dept. took, must be nice to have a "tax payer" tree!


    #2; Link in #1 reply,


    This is another of those "we passed it but we aren't exactly sure what it says" deals... "However, that resolution included explicit language to ensure it could not be used in the courts. A disclaimer at the end declared that "nothing" in the resolution would authorize or support claims against the United States. By contrast, several sections in the U.N. document explicitly outline those rights. One article in the middle of the declaration states that indigenous peoples can be entitled to "restitution" for land and resources that were damaged or confiscated from them. The document says compensation "shall take" the form of land or resources or even money."


    Which is it?

    agentwanda

    Answer by agentwanda at 10:56 PM on Dec. 26, 2010

  • I'd say the agenda is progressing well and there is no telling what can happen, at any timeā€¦
    agentwanda

    Answer by agentwanda at 10:59 PM on Dec. 26, 2010

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