Originally Posted by Rochard

I'm gonna throw this out here....

Years ago when I was like twenty-five my monthly bills was physically more than my monthly income. Every time something went wrong - car broken down, etc - I went further into debt. The only obvious solution was bankruptcy. Everyone warned me about how bad it would be, blah blah blah, but in reality the moment I declared bankruptcy I became the best creditor ever - I had no debt, and I had healthy income. Instantly I was flooded with offers for new credit cards. (I should note that I haven't had credit cards since then!)

It's the same thing with US debt. We can't pay this off, and the best we can hope for is to carry on making these interest payments. Why not just default on these loans? Most of these loans is held by other countries - if we default, it fucks them, not us. And don't tell me that "no one will ever do business with the US again" - Of course they will.

And don't tell me that the US economy will collapse. If I default on my loans, I still have income, still have money, and still have a bank account. If we default on a $18 trillion loan to Taiwan, I'll still get paid next week.

But man, if we go this route... Obama will never recover.