[tvtimeout]

[quote=Deathstar 80]Hoot Gibson, you don't have to apologize. Thanks for your reply, though. I honestly didn't expect a reply in just a few hours. Usually, I wait a day or two at least. The reason why I posted again asking for a reply was because I plan on telling others about this pretty soon. If I'm correct of what these videos are saying, then this would be pretty good evidence.

I just looked again at the article that I mentioned above, called "That Budget 'Battle'? Only a Skirmish". Here's a section of this article:



I know I'm asking plenty of questions already, but could you guys answer two more questions for me? First, what exactly does it mean for a country to default on their debt? I've tried to look it up myself, but I still don't think I fully understand what this means. Second, how bad is this economic collapse going to be? I've heard that it's going to lead to a second Great Depression. However, I've also heard that it's just going to be a slightly larger recession than the one we had in the year 2008.

Overall, I think these are the three options for our country:
1) Cut spending. (I'm not sure, but I think this could lead to a bad economic recession or even an economic depression.)2) Continue spending and not increase the national debt limit. (This will lead to a default of our debt.)
3) Continue spending and increase the national debt limit. (It might take awhile, but this will eventually lead to a default of our debt.)[/QUOTE]

I think that you are correct in this assumptions. What most people don't realize is that in the CURRENT economic theory that we find ourselves in, once spending stops, the whole system crashes. However, if the spending continues then everything stays a float. The way the spending continues is by the Fed. Reserve Bank, printing more money, that is why rates are artificially low, and the dollar is so cheap.

Here is the link to describe the theory better

http://financial-dictionary.thefreedicti...ian+theory

A Republican would believe in supply-side economics.

http://financial-dictionary.thefreedicti...+Economics

A Libertarian would believe in maximizing the individual rights and minimizing the role of state.