[late]

The US will have to pay off its debt at some point..

Not the way it works..

[Istanbuller]

Not the way it works..

United States intentionally created a loophole in the financial system. It is a fraud. The US is misleading lenders. It is a corruption. America is already unofficially defaulted.

But this won't last for a long time. You will not be largest economy. Financial rules will be rewritten and you will be obligated to meet your debt. It will be like how the Allies squeezed money out of already bankrupt Germany in WW I.

You just have 4 or 5 years to meet your debt before being bypassed by China. Time is running out. Tick tock tick tock...

[late]

United States intentionally created a loophole in the financial system. It is a fraud. The US is misleading lenders. It is a corruption. America is already unofficially defaulted.

But this won't last for a long time. You will not be largest economy. Financial rules will be rewritten and you will be obligated to meet your debt. It will be like how the Allies squeezed money out of already bankrupt Germany in WW I.

You just have 4 or 5 years to meet your debt before being bypassed by China. Time is running out. Tick tock tick tock...

Reserve status historically lasts a lot longer than you'd expect.

Most of your post is simply wrong, it's not fraud, no rules will be rewritten, there will be no default, it will simply not be like the punishing reparations post WW1 for a number of reasons (like no gold standard, for starters).

China is also caught in an economic trap.

I can understand why you think the way you do, until I studied economics for a while, I thought along similar lines. The reason I started reading about it was because the economic world didn't act the way I thought it would. A lot.

[Steve_American]

United States intentionally created a loophole in the financial system. It is a fraud. The US is misleading lenders. It is a corruption. America is already unofficially defaulted.

But this won't last for a long time. You will not be largest economy. Financial rules will be rewritten and you will be obligated to meet your debt. It will be like how the Allies squeezed money out of already bankrupt Germany in WW I.

You just have 4 or 5 years to meet your debt before being bypassed by China. Time is running out. Tick tock tick tock...

@ Istanbuller,
You obviously have not thought about this enough. All the US national debt is denominated in US dollars. The US can create US dollars with keystrokes on a computer, or it can print them on cheap paper. After WWI France and Britain demanded the reparations be paid in gold, Pounds, Francs, or US dollars, not with German Deutsche Marks.
2nd, the US is unlikely to lose a war like Germany did in 1918 anytime soon. We live in the Nuclear Age, which means that the US is not going to be forced to pay reparations. The US will not likely ever be in a situation like Germany was in 1919.
3rd, I hope you are not making bets with your money based on those beliefs, because you will lose those bets.
.

[late]

@ Istanbuller,
You obviously have not thought about this enough. All the US national debt is denominated in US dollars. The US can create US dollars with keystrokes on a computer, or it can print them on cheap paper.

It's not hard to get some inflation, which means you will be paying current debt with dollars that aren't worth as much.

[Red_Army]

The problem with US spending is not that it is big, it's that it doesn't help anyone. It would be cool if my $150k went to health care or building fast trains or something. All this shit is made up anyway might as well spend it on something cool.

[Potemkin]

United States intentionally created a loophole in the financial system. It is a fraud. The US is misleading lenders. It is a corruption. America is already unofficially defaulted.

It's still paying the interest on its debt, so no it hasn't defaulted.

But this won't last for a long time. You will not be largest economy. Financial rules will be rewritten and you will be obligated to meet your debt. It will be like how the Allies squeezed money out of already bankrupt Germany in WW I.

The Allies were in a position to dictate terms to Germany post-WWI. The same is not true for the USA right now, nor will it be true for the foreseeable future. I may revise that opinion on the day the Turkish hordes invade the continental United States, but not before.

You just have 4 or 5 years to meet your debt before being bypassed by China. Time is running out. Tick tock tick tock...

America will indeed be surpassed by China, but not because of America's debts. Those debts are denominated in dollars, the world's reserve currency. If the USA starts falling behind in its interest payments, it can just print more dollars. And there's not a damn thing its creditors can do about it. Lol.

[fuser]

The day I got politically consciousness, one of the first things I learned was that US has massive debts, it still has, it will remain so for foreseeable future. It literally doesn't matter one bit.

[JohnRawls]

United States intentionally created a loophole in the financial system. It is a fraud. The US is misleading lenders. It is a corruption. America is already unofficially defaulted.

But this won't last for a long time. You will not be largest economy. Financial rules will be rewritten and you will be obligated to meet your debt. It will be like how the Allies squeezed money out of already bankrupt Germany in WW I.

You just have 4 or 5 years to meet your debt before being bypassed by China. Time is running out. Tick tock tick tock...

Around of 20-25% of all worlds transactions are done in Euros. Around 50-60% of all transactions are done in Dollars. No other currency is even close to those two. This is the benefit of having free and fair electoral systems along with rule of law and so on. Plus scale obviously.

So technically Euro and Dollar can print as much as they want because it is literally impossible to devaluate the value of Euro or Dollar by these measures. Dollar even more so than the Euro. Since both dollar and euro banks do it at the same time then the situation becomes even more complicated.

I am not even sure that printing trillions out of thin air will cause any inflation for the Euro or Dollar just because they wanted to do it without having any political or economic reasons.

[Steve_American]

@Puffer Fish,
I have asserted that the UK(aka England) has had a national debt for 325 years now.
That seems like strong evidence that the UK will never need to pay-off the national debt.
If this is the case, then is it really a debt at all. MMTers assert that the so-called national debt can be rolled over forever and as such is really the private sector's interest bearing part of the money supply.

So, can you take a stab at explaining just why you seem to believe that it is OBVIOUSLY true that the US national debt will have to be paid-off someday? That is why can't the US keep rolling it over forever?

.

So, PF, I know you don't owe me a reply.
OTOH, the lurkers may see a lack of reply an admission that you lost the argument to me.
Come on, a take a stab at explaining why the UK has not needed to pay-off its debt for 325 years, but the US will have to do it 'soon'.
.