[extropy-chat] POLITICS: 537 Economists Criticize Bush and Kerry

Mike Lorrey mlorrey at yahoo.com
Fri Oct 15 15:30:39 UTC 2004


--- Trend Ologist <trendologist at yahoo.co.uk> wrote:

> America is said to be the world's top debtor. But many
> economists don't want to pay down the debt owed to
> other nations, because then we'd be transfering
> trillions to other nations.
> So what should we do? Leave it alone?

While some of the debt is to other nations, those nations use that debt
as a reserve to back their own currencies. If we paid off those debts
(with federal reserve notes, which are themselves debts), their
currencies would tailspin into inflationary recessions. Most of the
debt is actually to other Americans. Some of that is held by Americans
who hold their assets in offshore instruments (which are themselves
'non-resident alien corporate persons') while others hold the debt
directly.

The only real way to pay off those debts with real assets is to give
federal lands to those who hold the debt.

=====
Mike Lorrey
Vice-Chair, 2nd District, Libertarian Party of NH
"Necessity is the plea for every infringement of human freedom.
It is the argument of tyrants; it is the creed of slaves."
                                      -William Pitt (1759-1806) 
Blog: http://www.xanga.com/home.aspx?user=Sadomikeyism


		
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