« previous next »
Pages: [1]

Author Topic: You now owe $1.1 million...  (Read 2130 times)

AZRedhawk44

  • friends
  • Senior Member
  • ***
  • Posts: 13,964
You now owe $1.1 million...
« on: October 29, 2013, 09:04:41 PM »
Report to moderator   Logged
"But whether the Constitution really be one thing, or another, this much is certain - that it has either authorized such a government as we have had, or has been powerless to prevent it. In either case, it is unfit to exist."
--Lysander Spooner

I reject your authoritah!

Fly320s

  • friend
  • Senior Member
  • ***
  • Posts: 14,415
  • Formerly, Arthur, King of the Britons
Re: You now owe $1.1 million...
« Reply #1 on: October 29, 2013, 10:15:29 PM »
Take a check?
Report to moderator   Logged
Islamic sex dolls.  Do they blow themselves up?

Phyphor

  • friend
  • Senior Member
  • ***
  • Posts: 2,328
Re: You now owe $1.1 million...
« Reply #2 on: October 29, 2013, 11:40:43 PM »
Quote from: Fly320s on October 29, 2013, 10:15:29 PM
Take a check?

Post dated, of course.

For 9/9/9999.

Report to moderator   Logged
"You know what's messed-up about taxes?
You don't even pay taxes. They take tax.
You get your check, money gone.
That ain't a payment, that's a jack." - Chris Rock "Bigger and Blacker"
He slapped his rifle. "This is one of the best arguments for peace there is. Nobody wants to shoot if somebody is going to shoot back. " Callaghen, Callaghen, Louis La'mour

TommyGunn

  • friend
  • Senior Member
  • ***
  • Posts: 7,956
  • Stuck in full auto since birth.
Re: You now owe $1.1 million...
« Reply #3 on: October 30, 2013, 12:25:05 AM »
Will you take it in pennies?      [tinfoil]
Report to moderator   Logged
MOLON LABE   "Through ignorance of what is good and what is bad, the life of men is greatly perplexed." ~~ Cicero

drewtam

  • friend
  • Senior Member
  • ***
  • Posts: 1,985
Re: You now owe $1.1 million...
« Reply #4 on: October 30, 2013, 05:11:12 PM »
It will be repudiated, eventually. What can't go on forever, won't. Debts that cannot be repaid, won't be.
Report to moderator   Logged
I’m not saying I invented the turtleneck. But I was the first person to realize its potential as a tactical garment. The tactical turtleneck! The… tactleneck!

Hutch

  • friend
  • Senior Member
  • ***
  • Posts: 2,223
Re: You now owe $1.1 million...
« Reply #5 on: October 31, 2013, 09:35:17 PM »
So, will debts be indexed to whatever follows the reichsmark?  If I owe a quarter million FRNs on my house, and this represents, say, 2 year's gross income.  We go all Weimar, and a quarter mil becomes the price of a Big Mac...  D'ye think I could waltz into the mortgage holder, hand 'em a silver dime (or the proceeds from selling a silver dime) and clear my debt?  Just wondering before I go check the couch for change.
Report to moderator   Logged
"My limited experience does not permit me to appreciate the unquestionable wisdom of your decision"

Seems like every day, I'm forced to add to the list of people who can just kiss my hairy ass.

AZRedhawk44

  • friends
  • Senior Member
  • ***
  • Posts: 13,964
Re: You now owe $1.1 million...
« Reply #6 on: October 31, 2013, 09:42:00 PM »
Quote from: Hutch on October 31, 2013, 09:35:17 PM
So, will debts be indexed to whatever follows the reichsmark?  If I owe a quarter million FRNs on my house, and this represents, say, 2 year's gross income.  We go all Weimar, and a quarter mil becomes the price of a Big Mac...  D'ye think I could waltz into the mortgage holder, hand 'em a silver dime (or the proceeds from selling a silver dime) and clear my debt?  Just wondering before I go check the couch for change.

This is something I am curious about as well, as a mortgage holder, and is a major reason I own rather than rent:  I believe that inflation is likely to pressure rent higher, whereas a 30 year mortgage is contractually fixed.  I guess the GM bond fiasco has demonstrated the value of contractual law, though.
Report to moderator   Logged
"But whether the Constitution really be one thing, or another, this much is certain - that it has either authorized such a government as we have had, or has been powerless to prevent it. In either case, it is unfit to exist."
--Lysander Spooner

I reject your authoritah!

drewtam

  • friend
  • Senior Member
  • ***
  • Posts: 1,985
Re: You now owe $1.1 million...
« Reply #7 on: November 01, 2013, 12:06:28 AM »
That is the crux of why small inflation can be good for the economy and even the slightest hint of deflation is so dangerous.

Slight inflation makes taking on debt more palatable. Its easier to pay down today's debt with tomorrows inflated money and inflated wages, especially at fixed rates.
During deflation, taking on debt is gut wrenching risky because wages are decreasing while the contractual debt is fixed.

More debt = more consumption = more jobs for everyone... until the bubble pops like 2007
Report to moderator   Logged
I’m not saying I invented the turtleneck. But I was the first person to realize its potential as a tactical garment. The tactical turtleneck! The… tactleneck!
Pages: [1]
« previous next »