Of course! We should *default* on the public debt. Here's why: [View All]

[MannyGoldstein]

Struck me like a ton of bricks today: the Very Serious Adults who are always trying to give my money to the wealthiest are telling me that defaulting on our debt would be the worst possible thing we can do. D'oh! If that crowd says it's awful, in all likelihood it's the best thing we could do, no?

So, as always, I checked for precedents. Turns out Argentina defaulted on their debt at the end of 2001. How &%$#ing horrible was it?

http://www.indexmundi.com/g/g.aspx?c=ar&v=74">Unemployment immediately plummeted, and has dropped from 25% to 8%

http://www.indexmundi.com/g/g.aspx?v=69&c=ar&l=en">Poverty rate immediately plummeted, and has dropped from 60% to 23%

Looks like things worked out pretty well for the 99%. Probably sucked for the 1%.

Our own economy is currently a catastrophe. http://www.shadowstats.com/alternate_data/unemployment-charts">Real unemployment is more than 15% and rising at a good clip.

Right now we have a choice. We can be "hostaged" by Republicans into further savaging the 99%, and we'll keep getting savaged periodically whenever any other government business needs to get done. Or we can default, get it over with, clean ourselves off, and move on. Particularly given the teeth-gnashing of the Very Serious Adults, I'm thinking that latter option is far preferable.

Anyone with facts to confirm or refute, please weigh in.