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bob leeper

the USA , the newest third world nation

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I'm going to say something really childish and stupid..........since money doesn't really exchange hands anymore, its just paper and computer shuffling, F it all and start over! wipe the slate clean for everybody, no debt!.........................do I want to know your replies?

 

Not if you owe ME money! Problem with wiping out the debt is that it destroys the lenders. The lenders are not just rich bankers. It isn't the bankers' money the bank loans out, it's my savings. If you've borrowed from my bank, it is my money they lent.

 

If you buy from the local mail order gun shop via credit card, cancel the debt and they go out of business. Any large ticket item like a car, house, land, even medical care that is paid over time means the provider of the goods or service goes away if we wipe out all debt.

 

Finally, if you do it once, what guarantee do I have that you won't do it again? None? Then I won't ever loan anything to anyone, ever again. May sound good but try saving up enough money to pay cash for your next house or car. Debt is a true example of a two edged sword. Used wisely, debt allows for rapid growth and progress. Used irresponsibly, it wrecks lives, governments and civilizations.

 

It is about to destroy the economy of the entire world. Debt without responsibility is suicide.

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Not if you owe ME money! Problem with wiping out the debt is that it destroys the lenders. The lenders are not just rich bankers. It isn't the bankers' money the bank loans out, it's my savings. If you've borrowed from my bank, it is my money they lent..................

 

Great point. Only problem is the people who want their debt removed really do not have any savings. Sure they might loose some cash but when you are a net borrower it is not really your money. Most folks hate that thought but its true.

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I forget if I heard this here or somewhere else

 

As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear.

 

GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796

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