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Author Topic: How to eliminate the national debt  (Read 1111 times)
daniel g
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December 30, 2010, 02:47:17 PM
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(Full title:) Advice for governments: How to eliminate your entire national debt in one day (and give the finger to the banks that screwed you over)


1. Close the central bank
2. Return the power to create money to the people
3. Monetize your debt (i.e. print a single 15 Trillion Dollar note and hand to the banks you owe)
4. Switch from your (now perfectly useless) fiat money to Bitcoin


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hugolp
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December 30, 2010, 06:02:33 PM
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Close the central bank. The Federal Reserve dollar depreciates quickly due to loosing the monopoly on money and the debt pays itself quickly.

Andrew Jackson style.
daniel g
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December 30, 2010, 06:23:07 PM
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But you don't have the satisfaction of handing them their own paper. It'd be more poetic IMO.
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December 30, 2010, 09:34:20 PM
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I like the idea.  Better yet, let's just switch to Bitcoin ourselves and forget about the national debt.  The politicians and bankers created it, and the problem is theirs to contend with, not ours.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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December 31, 2010, 09:12:57 AM
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But you don't have the satisfaction of handing them their own paper. It'd be more poetic IMO.

Problem is with your idea you have to trust politicians to stop printing money at some point and renounce that power, which is as realistic as giving your house keys to a thieve and ask him/her to watch your house while you are on holidays.
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December 31, 2010, 09:35:59 AM
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No nation no national debt. The best part about this is that it's already true! The nation is an illusion.

I for one would hate to be on the lender side of a debt with no names attached.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
daniel g
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December 31, 2010, 10:44:21 AM
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Problem is with your idea you have to trust politicians to stop printing money at some point and renounce that power, which is as realistic as giving your house keys to a thieve and ask him/her to watch your house while you are on holidays.

You missed the point. I'm counting on them NOT renouncing their power, but instead hyperinflating themselves out of debt which would render the currency worthless (hence, "perfectly useless fiat money"). If a stable decentralized currency (like Bitcoin) is a viable alternative in the public mind, they can go ahead and remove a few zeros from their currency afterwards and try to start over like nothing happened, but nobody would go for it. The only reason people still rely on this system is because they don't see an alternative. To be clear, I'm not advocating hyperinflation WITHOUT such an alternative.
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December 31, 2010, 10:54:23 AM
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Problem is with your idea you have to trust politicians to stop printing money at some point and renounce that power, which is as realistic as giving your house keys to a thieve and ask him/her to watch your house while you are on holidays.

You missed the point. I'm counting on them NOT renouncing their power, but instead hyperinflating themselves out of debt which would render the currency worthless (hence, "perfectly useless fiat money"). If a stable decentralized currency (like Bitcoin) is a viable alternative in the public mind, they can go ahead and remove a few zeros from their currency afterwards and try to start over like nothing happened, but nobody would go for it. The only reason people still rely on this system is because they don't see an alternative. To be clear, I'm not advocating hyperinflation WITHOUT such an alternative.

You know what, despite that hyperinflation will bring pain, this you are decribing might be the most realistic option. Anyways, hyper-inflation of the government currency is going to come at some point, like it has always happened. So one way or the other, its going to happen.
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