Being a simple-minded person I have no real professional knowledge about how the World Bank operates and just who it is that we owe the 14.4 trillion (wow what a number) to. Is there actually some financial institution that has 14 trillion dollars to loan? what would happen if all the major countries that are heavily in debt decided to just hit the reset button and wipe out all debts? Would the world really spiral out of control? Can it be possible to just one day decide that all debts by all countries could just cease to exist?
I think about all the companies, corporations, small businesses, non profits and any self-employed person that has filed for bankruptcy and just started over. Some disappeared but some survived and even came back to be stronger and more profitable. What could they do to us if we just filed bankruptcy? They say that the United States would face a downgrade in our credit rating, so what! We have to learn from our past mistakes so that they are not repeated. The old adage comes to mind “sanity is doing the same thing over and over again and expecting different results.” If our elected officials had no money to borrow they would have to make do with what they had and no longer borrow money we cannot afford to pay back.
Are we really going to cut off the elderly and the sick and make them go to the streets to find food and medicine? Are we really going to stop paying our military personnel? are the States going to allow the Federal Government to just stop providing the basic needs of their citizens?
I would like to see what the voters would do if the government decided that it is more important to pay back a debt than to just hit the reset button and keep moving forward. I believe that the consequences of the government not doing what is necessary to keep our cities, counties, states and the federal government operating and just letting everyone suffer from their unbelievably irresponsible spending would cause our way of life to crumble before our eyes. Imagine that our military, our police forces, our public utilities, everything just coming to a screeching halt. I can’t, not without seeing the evil and uncaring taking over and claiming for themselves what little resources would be left.
I like to watch movies about what would happen if some major calamity hit our country and we were left to fend for ourselves. One comes to mind that could become reality, The Postman. To most people who have seen this movie it was a long, unbelievable, story. But if the Federal and State governments shut down and cease to pay their obligations this movie just might come to be a realistic scenario.
I just cannot believe that our leaders would allow the citizens of this great country to suffer just to save our credit rating. does it make sense to anyone out there? Can someone explain it to me why this is an acceptable solution to possibly the worst economic meltdown in the history of our planet?
I will be looking for your ideas and I will keep my mind wide open.