Every US taxpayer is now $1 million in debt

[Elwar]

There's a solution. It's possible to renounce US citizenship, and you can walk out without paying that million bucks. But I think it's better to have debt. The average American lives way better than the average Ethiopian or Somali who is totally debt-free.

Or Bahamians, who are also debt free.

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[valta4065]

There's a solution. It's possible to renounce US citizenship, and you can walk out without paying that million bucks. But I think it's better to have debt. The average American lives way better than the average Ethiopian or Somali who is totally debt-free.

Hmm...
Well it mostly depends on what you think will happen to this debt.
Not necessary to be a genius to see that it's impossible to repay such a debt. Which means that it doesn't really exists.

[Elwar]

There's a solution. It's possible to renounce US citizenship, and you can walk out without paying that million bucks. But I think it's better to have debt. The average American lives way better than the average Ethiopian or Somali who is totally debt-free.

Hmm...
Well it mostly depends on what you think will happen to this debt.
Not necessary to be a genius to see that it's impossible to repay such a debt. Which means that it doesn't really exists.

But you're still paying.

$233 Billion per year goes toward just the interest on the national debt. The 6th largest spending item and growing. By 2020 it will be more than we spend on our military.

[mOgliE]

There's a solution. It's possible to renounce US citizenship, and you can walk out without paying that million bucks. But I think it's better to have debt. The average American lives way better than the average Ethiopian or Somali who is totally debt-free.

Hmm...
Well it mostly depends on what you think will happen to this debt.
Not necessary to be a genius to see that it's impossible to repay such a debt. Which means that it doesn't really exists.

But you're still paying.

$233 Billion per year goes toward just the interest on the national debt. The 6th largest spending item and growing. By 2020 it will be more than we spend on our military.

No, you're borrowing again to repay it. but you borrow more or less to the same person.

The question is, what will happen when no one will lend you anymore?

Well in the case of USA it's easy, they can just print whatever amount they want until their debt (which is in fix amount of dollars) worth nothing.

[valta4065]

There's a solution. It's possible to renounce US citizenship, and you can walk out without paying that million bucks. But I think it's better to have debt. The average American lives way better than the average Ethiopian or Somali who is totally debt-free.

Hmm...
Well it mostly depends on what you think will happen to this debt.
Not necessary to be a genius to see that it's impossible to repay such a debt. Which means that it doesn't really exists.

But you're still paying.

$233 Billion per year goes toward just the interest on the national debt. The 6th largest spending item and growing. By 2020 it will be more than we spend on our military.

No, you're borrowing again to repay it. but you borrow more or less to the same person.

The question is, what will happen when no one will lend you anymore?

Well in the case of USA it's easy, they can just print whatever amount they want until their debt (which is in fix amount of dollars) worth nothing.

That would be incredible! Imagine tomorrow the government prints not USD but NUSD (for New USD) and they declare 1 NUSD worths 19 millions of USD. Then they go and just give one NUSD to their debittor xD

And China would be like "WTF man?"

[Elwar]

No, you're borrowing again to repay it. but you borrow more or less to the same person.

The question is, what will happen when no one will lend you anymore?

Well in the case of USA it's easy, they can just print whatever amount they want until their debt (which is in fix amount of dollars) worth nothing.

Yes, I believe this is the path of least resistance from the public and will be what they will do.

The result is an ever devaluing dollar which makes a certain virtual currency a good investment.

[valta4065]

No, you're borrowing again to repay it. but you borrow more or less to the same person.

The question is, what will happen when no one will lend you anymore?

Well in the case of USA it's easy, they can just print whatever amount they want until their debt (which is in fix amount of dollars) worth nothing.

Yes, I believe this is the path of least resistance from the public and will be what they will do.

The result is an ever devaluing dollar which makes a certain virtual currency a good investment.

Ahah! Yeah good point. It's why we all try to have different form of investments, like btc or gold.