A Layman's Understanding of Debt
POSTED BY: AnthonyT
UPDATED: Wednesday, May 21, 2025 00:28
VIEWED: 4246
PAGE 6 of 7
Quote:
Originally posted by out2theblack:
I expect that Hero knows how to take the joke , but if he doesn't , I'm sure I'll hear from him about it...
You made a joke? I wondered what that "THUD" sound was coming from my computer the other day...
H
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Quote:
Originally posted by out2theblack:
Congress may NOT Lawfully 'delegate' , abdicate , or abrogate , its Constitutional Duties...
Acually they can exercise their power as they see fit. Its in the Elastic Clause, thats the clause that says they can do what needs to be done when it comes to their powers.
H
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Quote:Yes, please do. Because Reagan built up a deficit higher than all previous Presidents combined. The only other avid practitioner or Reaganomics was Bush II, and he managed to outdo Reagan in terms of deficit. So Reaganonmics has been tried twice, each time over eight years, and failed both times AFA Federal Revenues. (And don't forget that Reagan's "tax reforms" led to the middle class paying a higher percentage in taxes bc he eliminated many deductions.)
producing greater total income from tax revenue. Consider Reaganomics a template for this. Unfortunately, often the political landscape changes before the full benefits are realized. Another party comes into control riding the coattails of the fiscal conservatives
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Let's party like its 1929.
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Quote:
Originally posted by Hero:
...Acually they can exercise their power as they see fit. Its in the Elastic Clause, thats the clause that says they can do what needs to be done when it comes to their powers.
H
Elastic clause ?
Oh yeah , that's the one on Barney Frank's underwear...'Fruit of the Loon'...
Leastways , that's what Hank Paulson said...
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OTB
"As always , You strain your gnats while gulping the camel...
Rue , you belong at the zoo...They'll put you in with the primates , where you may feel free to nit-pick..."
And you replied, so what does that make you ?
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Silence is consent.
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OTB
"What is Lawful Money ?
According to the Constitution , it's Gold and Silver COIN !"
Where does it say that in the constitution ? Please, point it out to me.
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OTB
"the Constitution of the resulting nation went to significant lengths to establish a national currency which was backed by tangible assets"
Not true. There is NO requirement in the constitution that that says the federal government must back its currency with tangible assets of any kind.
"In the united States of America, paper money is illegal and unconstitutional. Article 1, Section 10, of the Constitution for the United States of America states, in part: “No State shall.. make any Thing but gold and silver Coin a Tender in payment of Debts.”"
Refers to STATES. You DO know the difference between states and the federal government, don't you ?
"Money is in fact defined as: ... (1870, page 192)"
And apparently no one has written any other definition either before, at the time, or since.
"More recent Federal Reserve Notes state: “This note is legal tender for all debts, public and private” Please note that there is no period at the end of the statement, suggesting that perhaps the statement is not complete ..."
Speaking of straining at gnats.
And the rest is so much fluff, because it's based on the specious notion that only gold and silver are legal NATIONAL money.
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"Liberals proclaim that during economic growth the gains should be diverted to increasing social spending rather than downpaying the debt."
Then why is it that whenever the democrats are in charge government debt goes down ? This statement seems to be an example of an ideologically-based 'tude, rather than a fact-based thought.
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"Elastic clause ?
Oh yeah , that's the one on Barney Frank's underwear...'Fruit of the Loon'...
Leastways , that's what Hank Paulson said..."
And once again OTB demonstrates his preference for facts over snark, and his stellar legal acumen.
HA HA HA HA Ha ha ha ha ha ha ha ha ha ha ha . . . . . .
Yeah, that'll be the day.
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Quote:
Originally posted by rue:
OTB
"As always , You strain your gnats while gulping the camel...
Rue , you belong at the zoo...They'll put you in with the primates , where you may feel free to nit-pick..."
And you replied, so what does that make you ?
The Zoo Keeper...
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