Originally Posted by Jake7
What do you guys think of our national debt and the government's handling of it? Also, do you have ideas on how to bring it down?
Let's try to keep this thread away from "Yeahhhh the government sucks" and comments like that - try and keep it constructive.
1. Repeal the Federal Reserve Act of 1913.
2. Immediately reduce the money supply by eliminating all physical and electronic dollars produced since TARP that have not been spent.
3. Put a hold on all derivative/CDS transactions by the banks relating to the mortgage meltdown until they can be unwound.
4. Default on most or all foreign debt. (There truly is no way we can ever pay it off.)
That will take the edge off and give us some time to think.
To truly return to a productive society, we will need to have a reckoning between those who believe the government should provide something to them and those who believe it shouldn't.
We will need to establish a currency that is backed by commodities. It is absolutely possible (and even easy) to re-establish a bi-metals or multi-metals standard for the dollar. If we fail to do this, we are only delaying the inevitable: monetary collapse.
My personal opinion is a return to a literal interpretation of the Constitution and the corresponding reduction in the federal government and restoration of state sovereignty would go a very long way toward increasing productivity and getting us on the road to becoming an economic superpower again.