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"We" Don't Owe $16 Trillion; and You Don't Owe $50,000

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reprinted from corrente

Just saw John Sununu, one of Republicans favorite Bushie junk yard attack dogs all up in arms about the debt subject to the limit (the so-called national debt) reaching $16 Trillion dollars, and going on to tell people that every man, woman, and child in the United States now owes $50,000 to pay that debt off. Now, I'm here to tell you that all that is bull sh*t.

The debt subject to the limit is a debt incurred by the Congress and the Treasury Department because when the Government spends more than it taxes, the Treasury Department issues debt instruments in the name of the  US  Government even though it doesn't have to do that in order to deficit spend. These instruments make the Government a debtor. But they don't make any individual man, woman, or child in the United States a debtor. So, the idea that  YOU  owe $50,000 or even a single dollar is  BS . You've signed no such note. You've not charged a single dollar on your credit card for this purpose. And you've not made a single promise that any portion of the national debt will be paid by YOU .

Well, you might ask: "Doesn't the  US  have to pay the $16 T debt sooner or later by taxing, and won't we then be responsible for our portion in the form of a tax obligation?"

The answer is that the  US  must pay all its debts when they fall due. It's in the Constitution. If the Federal Government refused to do that it would be violating the Constitution, and would be illegal. But saying that the  US  must pay all its debts, doesn't say that it must do so only by using taxation to raise enough revenue to run budget surpluses and pay those debts. It's that lie that Sununu and the other austerians want you to believe!

How we pay  US  debts is up to us and is a political question. If we do it the way Sununu suggests we'll condemn the country to permanent recession in the context of a perpetually depressed economy in which the wealthy get wealthier and everyone else gets poorer. That's what a plutocratic tool like John Sununu wants. But there are other ways to do it.

The best way, because it ends unnecessary welfare for the rich and foreign nations is to stop issuing debt instruments, continue with enough deficit spending to create full employment and an economy operating at its full potential, and make up the gap between spending and revenue by using the legal power of the Government to issue 1 oz. Proof Platinum coins with arbitrary face values, and using the coin seigniorage profits gained by depositing the coins at the Federal Reserve. Here's the process, along with the political speech explaining it to everybody.

Read it, and understand that There Is An Alternative ( TIAA ) to making every, or any, man, woman, or child pay $50,000 to pay off that national debt through taxing more than we spend, and that John Sununu, as usual, either doesn't know what he's talking about or is lying through his teeth about there not being one. Take your choice!

 

letsgetitdone (Joe Firestone, who is Managing Director and CEO of the Knowledge Management Consortium International (KMCI).

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"We" Don't Owe $16 Trillion; and You Don't Owe $50,000

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...this could also be done with U.S. Notes, or the... by Scott Baker on Monday, Sep 10, 2012 at 11:38:11 AM
First, I thought only congress could authorize min... by Thomas Brown on Monday, Sep 10, 2012 at 11:45:08 AM
Here is the section from my most recent article/fl... by Scott Baker on Monday, Sep 10, 2012 at 12:26:17 PM
Defeats the purpose of having something of value b... by Toby Seiler on Monday, Sep 10, 2012 at 3:40:10 PM
the value of an ounce of gold?  Can you eat g... by Mark Adams JD/MBA on Tuesday, Sep 11, 2012 at 10:44:52 AM
have the inherent power to issue their own coin or... by Mark Adams JD/MBA on Tuesday, Sep 11, 2012 at 10:51:49 AM
The 14th Amendment does not require any payment of... by Ralph Fucetola JD on Monday, Sep 10, 2012 at 12:35:31 PM
Why would one use platinum as a coinage and give i... by Toby Seiler on Monday, Sep 10, 2012 at 3:31:18 PM
These charges and countercharges can exist inside ... by John Little on Tuesday, Sep 11, 2012 at 12:24:47 AM
John Sununu is simply giving you a feeling of what... by Scott McInnis on Tuesday, Sep 11, 2012 at 8:13:35 AM
contrasted with its assets when discussing the ent... by Mark Adams JD/MBA on Tuesday, Sep 11, 2012 at 11:03:18 AM
Why don't we just pay the national debt with "funn... by Swamper Tom on Tuesday, Sep 11, 2012 at 12:23:26 PM
The truth is that we do not even owe most of the s... by mark bender on Tuesday, Sep 11, 2012 at 3:18:15 PM
How do we destroy the debt?... by Swamper Tom on Tuesday, Sep 11, 2012 at 9:05:33 PM