Downsize the Debt Act (Tabled)
       |           

Welcome, Guest. Please login or register.
Did you miss your activation email?
March 29, 2024, 07:57:17 AM
News: Election Simulator 2.0 Released. Senate/Gubernatorial maps, proportional electoral votes, and more - Read more

  Talk Elections
  Atlas Fantasy Elections
  Atlas Fantasy Government (Moderators: Southern Senator North Carolina Yankee, Lumine)
  Downsize the Debt Act (Tabled)
« previous next »
Pages: [1] 2
Author Topic: Downsize the Debt Act (Tabled)  (Read 757 times)
Lumine
LumineVonReuental
Moderator
Atlas Icon
*****
Posts: 13,610
Show only this user's posts in this thread
« on: September 29, 2014, 12:03:11 PM »
« edited: October 03, 2014, 10:32:25 AM by Senator Lumine (PPT) »

Slot: 3 (General, PPT Administered)

Quote
You must be logged in to read this quote.

Senator Deus, as sponsor you have 24 hours to make your case for this bill.
Logged
Cranberry
TheCranberry
YaBB God
*****
Posts: 4,501
Austria


Show only this user's posts in this thread
« Reply #1 on: September 29, 2014, 12:22:46 PM »

Maybe that is just my opinion, but I guess those securities (I guess you mean securities on (TBTF-)banks and the like?) have had a reason to be installed in the first place; and while it would be certainly not that bad an idea to find other, long-term solutions for for example TBTF-banks or other "economical time bombs"; this bill is radical and simply just gets away with them so immediately, I can not imagine that wouldn't have a serious impact on both the economy of Atlasia as well as the whole world!
Logged
Dr. Cynic
Atlas Icon
*****
Posts: 12,417
United States


Political Matrix
E: -4.11, S: -6.09

WWW Show only this user's posts in this thread
« Reply #2 on: September 29, 2014, 01:18:48 PM »

There's no way this bill will or should pass, honestly. This kind of bill could cause mass global economic chaos if implemented.

Motion to table.
Logged
TNF
Atlas Icon
*****
Posts: 13,440


Show only this user's posts in this thread
« Reply #3 on: September 29, 2014, 01:40:55 PM »

I strongly support this bill.
Logged
Cassius
YaBB God
*****
Posts: 4,591


Show only this user's posts in this thread
« Reply #4 on: September 29, 2014, 02:29:44 PM »

Seconding the motion to table.
Logged
Simfan34
Atlas Icon
*****
Posts: 15,744
United States


Political Matrix
E: 0.90, S: 4.17

Show only this user's posts in this thread
« Reply #5 on: September 29, 2014, 02:53:18 PM »

This is idiotic. The fact Senators TNF and Cassius are in agreement is proof enough.
Logged
Deus Naturae
Deus naturae
YaBB God
*****
Posts: 3,637
Croatia


Show only this user's posts in this thread
« Reply #6 on: September 29, 2014, 02:59:49 PM »
« Edited: September 29, 2014, 03:03:31 PM by Deus Naturae »

First of all, this wouldn't cause a global collapse. No economist would agree with that. That's just nonsense.

Cranberry, this has nothing to do with private banks. The Fed currently holds a ton of securities issued by the Federal government, which the Federal government must make interest payments on. That makes zero sense. Why should the government pay interest to a government bank?

This isn't some goldbug wacko proposal (those will come later Tongue), it's just common sense.
Logged
Deus Naturae
Deus naturae
YaBB God
*****
Posts: 3,637
Croatia


Show only this user's posts in this thread
« Reply #7 on: September 29, 2014, 03:05:29 PM »

This is idiotic. The fact Senators TNF and Cassius are in agreement is proof enough.
They aren't though...
Logged
TNF
Atlas Icon
*****
Posts: 13,440


Show only this user's posts in this thread
« Reply #8 on: September 29, 2014, 04:04:59 PM »

This is idiotic. The fact Senators TNF and Cassius are in agreement is proof enough.

Don't you have a Region to ruin?
Logged
Southern Senator North Carolina Yankee
North Carolina Yankee
Moderator
Atlas Institution
*****
Posts: 54,123
United States


Show only this user's posts in this thread
« Reply #9 on: September 29, 2014, 05:19:04 PM »

First of all, this wouldn't cause a global collapse. No economist would agree with that. That's just nonsense.

Cranberry, this has nothing to do with private banks. The Fed currently holds a ton of securities issued by the Federal government, which the Federal government must make interest payments on. That makes zero sense. Why should the government pay interest to a government bank?

This isn't some goldbug wacko proposal (those will come later Tongue), it's just common sense.


Wouldn't selling them all at once cause unnecessary financial instability though. How much are we talking in securities and wouldn't it be better to do them in sections as opposed to all at once then?
Logged
Lumine
LumineVonReuental
Moderator
Atlas Icon
*****
Posts: 13,610
Show only this user's posts in this thread
« Reply #10 on: September 29, 2014, 05:20:08 PM »

Well, we have two Senators behind the motion to table now, so a vote on said motion is now open. Please vote Aye, Nay or Abstain.
Logged
Simfan34
Atlas Icon
*****
Posts: 15,744
United States


Political Matrix
E: 0.90, S: 4.17

Show only this user's posts in this thread
« Reply #11 on: September 29, 2014, 05:22:45 PM »

This is idiotic. The fact Senators TNF and Cassius are in agreement is proof enough.

Don't you have a Region to ruin?

This bill would do that for me, so I think I have a stake in this.
Logged
Southern Senator North Carolina Yankee
North Carolina Yankee
Moderator
Atlas Institution
*****
Posts: 54,123
United States


Show only this user's posts in this thread
« Reply #12 on: September 29, 2014, 05:44:03 PM »

Nay I think we can atleast debate the matter.
Logged
Deus Naturae
Deus naturae
YaBB God
*****
Posts: 3,637
Croatia


Show only this user's posts in this thread
« Reply #13 on: September 29, 2014, 06:23:25 PM »

First of all, this wouldn't cause a global collapse. No economist would agree with that. That's just nonsense.

Cranberry, this has nothing to do with private banks. The Fed currently holds a ton of securities issued by the Federal government, which the Federal government must make interest payments on. That makes zero sense. Why should the government pay interest to a government bank?

This isn't some goldbug wacko proposal (those will come later Tongue), it's just common sense.


Wouldn't selling them all at once cause unnecessary financial instability though. How much are we talking in securities and wouldn't it be better to do them in sections as opposed to all at once then?
We wouldn't be selling them; we'd be destroying them. There's simply no need for this debt to exist.
Logged
Deus Naturae
Deus naturae
YaBB God
*****
Posts: 3,637
Croatia


Show only this user's posts in this thread
« Reply #14 on: September 29, 2014, 06:24:08 PM »

This is idiotic. The fact Senators TNF and Cassius are in agreement is proof enough.

Don't you have a Region to ruin?

This bill would do that for me, so I think I have a stake in this.
How so?
Logged
Southern Senator North Carolina Yankee
North Carolina Yankee
Moderator
Atlas Institution
*****
Posts: 54,123
United States


Show only this user's posts in this thread
« Reply #15 on: September 29, 2014, 06:28:53 PM »

The money was printed that was paid to the Treasury for these securities. If that is the case, it could not only weaken the dollar but also cause inflation, because it sends a message we are monetizing the debt no?
Logged
Fmr President & Senator Polnut
polnut
Atlas Icon
*****
Posts: 19,489
Australia


Political Matrix
E: -2.71, S: -5.22

Show only this user's posts in this thread
« Reply #16 on: September 29, 2014, 08:02:15 PM »

The money was printed that was paid to the Treasury for these securities. If that is the case, it could not only weaken the dollar but also cause inflation, because it sends a message we are monetizing the debt no?

I believe this is the case, can the Sponsor please clarify the mechanism and intent of this Bill.
Logged
Deus Naturae
Deus naturae
YaBB God
*****
Posts: 3,637
Croatia


Show only this user's posts in this thread
« Reply #17 on: September 29, 2014, 08:32:41 PM »

The money was printed that was paid to the Treasury for these securities. If that is the case, it could not only weaken the dollar but also cause inflation, because it sends a message we are monetizing the debt no?
The printed money has already been spent by the Federal government or private banks (when the Fed buys Treasuries, those groups are typically who it's buying them from). The debt has already been monetized, because that money is now in the economy. I would like to end this practice entirely, and ban the Fed from purchasing any Treasuries in the future, but I realize that would never pass. If we're going to monetize debt (which, again, is what already happens every time the Fed buys Treasuries) we might as well stop paying interest on it.
Logged
Potus
Potus2036
Jr. Member
***
Posts: 1,841


Show only this user's posts in this thread
« Reply #18 on: September 29, 2014, 08:50:06 PM »

If I'm not mistaken, this would destroy the fiat currency. We pay interest on the publicly held debt in order to regulate the supply of currency. It prevents politicians from printing mountains of money in order to buy votes. If debt service threatens national defense or the beloved welfare state, people will get serious about a debt problem. Payments on the debt are a critical means of regulating both government and the currency.

Also, mass panic and possible economic collapse.
Logged
Cassius
YaBB God
*****
Posts: 4,591


Show only this user's posts in this thread
« Reply #19 on: September 30, 2014, 04:10:29 AM »

Aye on the motion.
Logged
bore
YaBB God
*****
Posts: 4,275
United Kingdom


Show only this user's posts in this thread
« Reply #20 on: September 30, 2014, 05:54:17 AM »

Aye

I'm fine with debating things I disagree with, but not if they obviously won't pass.
Logged
Fmr President & Senator Polnut
polnut
Atlas Icon
*****
Posts: 19,489
Australia


Political Matrix
E: -2.71, S: -5.22

Show only this user's posts in this thread
« Reply #21 on: September 30, 2014, 07:11:46 AM »

I agree with Senator Bore on this.

AYE
Logged
TNF
Atlas Icon
*****
Posts: 13,440


Show only this user's posts in this thread
« Reply #22 on: September 30, 2014, 11:12:02 AM »

Nay
Logged
Cranberry
TheCranberry
YaBB God
*****
Posts: 4,501
Austria


Show only this user's posts in this thread
« Reply #23 on: September 30, 2014, 12:06:13 PM »

Aye

Senator Bore perfectly summed up my opinion on the tabling; plus, I think most important points in proposition and opposition have already been made.
Logged
Dr. Cynic
Atlas Icon
*****
Posts: 12,417
United States


Political Matrix
E: -4.11, S: -6.09

WWW Show only this user's posts in this thread
« Reply #24 on: September 30, 2014, 01:07:27 PM »

Aye

This isn't going to pass. Let's not prolong the pain.
Logged
Pages: [1] 2  
« previous next »
Jump to:  


Login with username, password and session length

Terms of Service - DMCA Agent and Policy - Privacy Policy and Cookies

Powered by SMF 1.1.21 | SMF © 2015, Simple Machines

Page created in 0.052 seconds with 12 queries.