That would be incredibly difficult to implement.

by Anonymous 11 years ago

Yes, but it could be done (and has been). And if it was, it would benefit the economy and the people greatly-not just the bankers, like the current system is now

by Anonymous 11 years ago

Yeah, that would totally help out their economic crysis and not ruin the country.

by Anonymous 11 years ago

It wouldn't. If we pay off the debt we have now, THAT would ruin our economy.

by Anonymous 11 years ago

Are you going to reply or just thumb down my comment?

by Anonymous 11 years ago

Based on the poor logic of spending billions of dollars to put out the exact same thing, adding trillions of useless bills to get rid of, and sever the stock market? Yeah, I did thumbs down it.

by Anonymous 11 years ago

Okay, I don't understand why you're thumbing them all down... but whatever. If we changed our monetary system by issuing new currency that was debt free (meaning you could borrow it from the government, not private banks, without paying it back) then that would improve the economy. The "useless bills to get rid of" could of course be exchanged for new currency. I'm confused as to how exactly it would sever the stock market. Could you elaborate?

by Anonymous 11 years ago

Oh, so if you get a new currency it just is debt free? No, the government still owes all the debt. If they don't pay back the debts, other countries go under. Good job. The useless bills to get rid of would cost money to dispose of. All the citizens who invested in the USD? They lose all their money.

by Anonymous 11 years ago

Yes, the currency is debt free, meaning the PEOPLE don't have to pay off any money they borrow from that point forward. The government takes all the money the people cashed in and gives it to the other countries it owes, who then exchange it for their own money (even an eleven year old can understand this concept, really http://www.guardian.co.uk/business/2012/apr/03/wolfson-economics-prize-11-year-old-dutch-boy ). You wouldn't dispose of those "useless bills". Everyone who has invested in the stock market knows that you gamble while doing so. And I don't understand how one stock (USD) = entire market.

by Anonymous 11 years ago

Okay. Your idea is what happened in WWII Germany. Overinflation. A government cannot simply print money. If they get a new currency, the old one goes to shit and isn't worth anything, therefore they can't use it to pay their debt. The difference in Greece, is that the Euro still exists. Because the Euro is used in multiple countries, it will still have a value. The USD won't exist, therefore it won't have a value. Oh, and it's not just the USD that collapses. The entire NYSE, painted with USD only? Yeah, USD are going to be worthless, so all the stocks would plummet.

by Anonymous 11 years ago

If this new monetary system were to happen (of course, it probably won't in either of our lifetimes), then one of two choices would be voted on: either we could pay taxes, or we could accept some inflation as taxes. Many different countries have started over with new currency (ie Colonial US). You're using one vivid example to sway your argument. I'm not too sure about the specifics of this plan (I'm no economist) but the economists (like my teacher, Carl Herman http://www.washingtonsblog.com/2012/08/3-minute-video-1-applaud-sing-dance-to-obscene-unpayable-us-debt.html ) have been pitching this for decades and I'm sure they have the nitty-gritties worked out. I don't know much about the stock market, so as much as I'd love to debate about that with you, I'm afraid I'll have to decline to respond to that part of your post (not saying you're right, I just need more facts before I make an opinion).

by Anonymous 11 years ago

This probably applies to Europe too, not just the US. But I don't know as much about Europe's economy/money as I do the US's

by Anonymous 11 years ago

I've always thought we should return to the gold standard. It was a much better system than the Fed just printing money and devaluing everyone's lifesavings all the time.

by Anonymous 11 years ago