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Author: MDGluon Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 444950  
Subject: Re: Oh, my Date: 10/10/2012 4:08 PM
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There's only so much you can tax people, and even debt is a "finite" resource, since taking on too much eventually diminishes your ability to get credit.

Ahh, good faith......well the Republicans have been working on destroying that with the poorly thought out idea of holding the debt ceiling hostage.
Not that it impacted people scooping up government debt even after we were laughingly down rated by the same agencies that said tranched AAA mortgage CDO's etc were such a good deal.

No money is infinite, it is only a reflection of a promise made.
As far as national debt, well as a example Japan is running 300% of their GNP and I hear nobody screaming they are going to go "broke".

And our national debt is owned mostly by....well by we the people (45%)...and second by large institutions like investment houses.

Our ability to get credit means nothing to the U.S. Government; the government in the end is the largest credit supplier in the form of overnight loans, notes, bills, and money for the banks. And again We The People own the government in the end game and can, wisely one hopes, decide the direction of our national credit.

Money is a fiction, a useful one, and yes as you correctly stated is all about "Faith and Full credit" backing it.....and Republicans have been very poor stewards of that.

We do not have a "money" or "debt problem"....we have a cash flow, tax base, and wasteful spending problem...and to paraphrase a famous bank robber; "Why tax the wealthy and mega corporations....because that is where the money is".

And still Social Security, Medicare, Medicaid, and Money are not "resources", they are constructs, fictions of our minds, they we have created to solve specific problems and as such have no limits per se.

Oh, and lowering tax rates yet again will solve nothing except to line the pockets of the wealthy, bond holders, and stateless uncaring corporations. We have been trying that model on and off since the days the "horse and sparrow theory".... http://en.wikipedia.org/wiki/Trickle-down_economics

md (tax the rich, instead of eating the poor)
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