Author Topic: Congress to eliminate the debt by not counting it anymore  (Read 551 times)

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Offline rangerrebew

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Congress to eliminate the debt by not counting it anymore
« on: November 01, 2013, 06:35:55 AM »
« Last Edit: November 01, 2013, 06:37:02 AM by rangerrebew »
"Of all the dispositions and habits which lead to political prosperity, religion and morality are indispensable supports. In vain would that man claim tribute to patriotism who should labor to subvert these great pillars of human happiness -- these firmest props of the duties of men and citizens. . . . reason and experience both forbid us to expect that national morality can prevail in exclusion of religious principles."
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Offline 240B

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Re: Congress to eliminate the debt by not counting it anymore
« Reply #1 on: November 01, 2013, 07:32:45 AM »
This is classic human behavior. Any financial consultant will tell you that the most common reaction to overwhelming debt by almost everybody, is to stop opening the bills, stop answering the phone, and more or less ignore it. It is a form of self serving, irresponsible denial, but it is very normal.
 
Believe it or not, it is quite common for people facing bankruptcy to go on crazy shopping sprees, buying everything they have ever wanted. Some call this, forgive me please but it is a real term, the 'F**k it!' stage. Once they get to this stage, they have essentially given up and their behavior becomes irratic and irrational.
 
Of course people and buisnesses do not have access to massive fleets of printing presses which can belch out as much money as they want like the government, but even with this advantage, it would seem the American government is in the final stages of a financial crisis.
 
Once a person hits the denial and ignore stage, nothing good happens after that. The first precept of financial responsibility is to constantly count your money and your debt. If you always know where you stand, you can avoid potentially disasterous problems before they develop. When it comes to your money, ignorance is certainly not bliss.
 
Of course with the government, it is not really 'their' personal money, so who cares?
You cannot "COEXIST" with people who want to kill you.

Offline rangerrebew

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Re: Congress to eliminate the debt by not counting it anymore
« Reply #2 on: November 01, 2013, 07:34:45 AM »
 goopo :0012:
This is classic human behavior. Any financial consultant will tell you that the most common reaction to overwhelming debt by almost everybody, is to stop opening the bills, stop answering the phone, and more or less ignore it. It is a form of self serving, irresponsible denial, but it is very normal.
 
Believe it or not, it is quite common for people facing bankruptcy to go on crazy shopping sprees, buying everything they have ever wanted. Some call this, forgive me please but it is a real term, the 'F**k it!' stage. Once they get to this stage, they have essentially given up and their behavior becomes irratic and irrational.
 
Of course people and buisnesses do not have access to massive fleets of printing presses which can belch out as much money as they want like the government, but even with this advantage, it would seem the American government is in the final stages of a financial crisis.
 
Once a person hits the denial and ignore stage, nothing good happens after that. The first precept of financial responsibility is to constantly count your money and your debt. If you always know where you stand, you can avoid potentially disasterous problems before they develop. When it comes to your money, ignorance is certainly not bliss.
 
Of course with the government, it is not really 'their' personal money, so who cares?
"Of all the dispositions and habits which lead to political prosperity, religion and morality are indispensable supports. In vain would that man claim tribute to patriotism who should labor to subvert these great pillars of human happiness -- these firmest props of the duties of men and citizens. . . . reason and experience both forbid us to expect that national morality can prevail in exclusion of religious principles."
George Washington

"Only a virtuous people are capable of freedom. As nations become more corrupt and vicious, they have more need of masters."
Benjamin Franklin

Offline katzenjammer

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Re: Congress to eliminate the debt by not counting it anymore
« Reply #3 on: November 01, 2013, 08:43:17 AM »
Didn't get to read the whole post at ZH so maybe it gets into the "real" story on the "total" debt, "real" annual deficits, and the enormous elephant in the room, the Unfunded Liabilities.  John Williams has a great free comparative report (http://www.shadowstats.com/article/no-500-special-commentary-us-government-gaap-based-2012-financial-data) that clearly illustrates how fedgov is "accounting" for all of the above now, versus how it should be accounting like almost every other entity using Generally Accepted Accounting Principles (GAAP).  His summary is well done, understandable by non-accountants, and not too long in length.  But it will change how you view and listen to people prattle on and on about the debt.... 

(ETA: It's Friday, if you want to maintain a chance to enjoy your weekend, bookmark that Williams link and don't read it until Monday!!   :silly:  )
« Last Edit: November 01, 2013, 08:53:10 AM by katzenjammer »


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