2006-10-07 02:56:44 · 12 answers · asked by crazymom572001 2 in Politics & Government ➔ Other - Politics & Government
In theory, yes. It can declare all debts null and void. The effects of this would be disasterous to the world economy and the national economy - no tax refunds, savings bonds worthless, social security worthless, immediate callback of all federal loans (HUD, SBA, federal student loans, etc.). The US has billions in contracts with US companies that would be voided, throwing the US into a depression.
2006-10-07 03:20:26 · answer #1 · answered by john_stolworthy 6 · 0⤊ 0⤋
Countries have declared their national debts to be null and void, usually following a war with another country or an internal struggle. It could happen here, but would throw most of the world into an economic depression.
2006-10-07 03:04:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, but the President can wipe out all debt at the stroke of a pen. ALL DEBT! Leave everybody holding savings bonds, government security's etc with NOTHING.
2006-10-07 03:03:16 · answer #3 · answered by edubya 5 · 0⤊ 0⤋
Bankruptcy.
And if the question refers to 'financial' as opposed to any other sort of bankruptcy (such as 'morally' for example), then the short answer is 'No.'. The US basically owns the World Bank.
2006-10-07 03:11:25 · answer #4 · answered by DBG 1 · 0⤊ 0⤋
i think of they are going to in the beginning up make the blunders of loaning us extra money. After that it in basic terms maintains to be an unpaid debt that sours family. many international locations have been by using this earlier.
2016-10-02 01:06:24 · answer #5 · answered by ? 4 · 0⤊ 0⤋
there is no court in which it could do this. It could repudiate it's debt, which would cause the world economy to collapse.
2006-10-07 03:01:54 · answer #6 · answered by David B 6 · 0⤊ 0⤋
What is bankrupsy ?
2006-10-07 03:01:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
What court would it file bankruptcy in?
2006-10-07 03:03:06 · answer #8 · answered by Preacher 6 · 0⤊ 0⤋
they may have to
2006-10-07 03:42:43 · answer #9 · answered by paulisfree2004 6 · 0⤊ 0⤋
no we be in a depression in a heartbeat,
2006-10-07 03:04:20 · answer #10 · answered by Anonymous · 0⤊ 0⤋