How will America ever be free of debt....?

Question

Using the current system which is in place with the federal reserve?

Everyone seems to arguing over whether this amendment was ratified, but what we should be looking at is this;

What is it going to take to remove the national debt from America???

Do not allow yourselves to be divided and conquered...whether ratified or not, the facts remain and the system is flawed.

Again, the real question;

What does everyone need to do in order to remove the national debt?

Answer 1

They will change the currency we use and buy your dollar for 35 cents or less.

Answer 2

The way our monetary system works, the Government can never get out of debt completely. Well, it could, but it would require about $800 billion in gold. However, the U.S. Government debt could be reduced to about one-tenth the size it is now.

Some people, who have a fundamental misunderstanding of how the U.S. dollar is supported, claim that the Federal Reserve buys dollars for a small amount and then loans those dollars back to the U.S. Government at interest. That is not entirely true. It may seem that way, but the system is designed to provide value to the currency. Each physical dollar bill is backed by either a gold certificate or a U.S. Government security. It is a requirement of law. When banks go to the Federal Reserve district bank with old, worn-out dollar bills, they have a choice. They can either have the bills replaced with fresh, crisp, brand-new dollar bills, have their account at the Federal Reserve credited with the amount of dollars they are turning in, or in rare instances, they can actually exchange the dollars for what is backing them, a gold certificate or an amount of U.S. Government securities.

The Federal Reserve can also sell the U.S. Government securities it holds. However, whenever it does this, the dollars paid to the Federal Reserve to buy those securities are removed from circulation. While the Federal Reserve does collect interest on the U.S. Government securities, a large portion of that interest is returned to the U.S. Treasury. In 2006, the Federal Reserve received about $36.5 billion in interest. It paid to the Treasury almost $29.1 billion.
In 2005, the Federal Reserve received about $29 billion in interest and paid the Treasury $21.5 billion.
In 2004, the Federal Reserve received about $22.3 billion in interest and paid the Treasury $18.1 billion
All of this can be seen on the INDEPENDENTLY AUDITED financial statements of the Federal Reserve banks. These audits are part of the required annual reports to Congress.
http://www.federalreserve.gov/boarddocs/rptcongress/default.htm
http://www.federalreserve.gov/boarddocs/rptcongress/annual06/default.htm
http://www.federalreserve.gov/boarddocs/rptcongress/annual06/pdf/audits.pdf

Answer 3

Basically, the national debt is because the government spends more than it takes in.
Of course, there are many factors: we import more than we export;
We (as a nation) send billions of dollars to family back home (Mexico, the Carribean, the Philippines, where ever);
Many jobs are "out-sourced", a boom for the economies of China, the Philippines, India and Russia, but a big hurt on our economy;
The Congress curries votes by giving more and more in welfare, mostly to the NON-needy (middle class and wealthy, especially to giant Fortune 500 companies.
Stop all those things and the budget will most likely balance.

Answer 4

NO DEBT = NO MONEY.
Watch the youtube video about how the FEDERAL RESERVE WORKS.
You don't understand your own MONATAY SYSTEM but then why would you.
This is a so called Capitialist System but Capitalism is not taught in schools?

Answer 5

Start at the bottom with personal financial responsibility and then move up to stopping all these government programs that keep people from being responsible and bring back war bonds.

Answer 6

It has nothing to do with the federal reserve. It has everything to do with politicians not being fiscally responsible with our money. It also has to do with a populus that increasing wants more "entitlements" and politicians that are willing to give them.

Pass a balance budget amendment.

Answer 7

Nope, the debt has reached critical mass. Everyone needs to duck and cover.

Answer 8

Censor the US government!

Answer 9

if we legalize prostitution and tax illegal drugs, it should work. Make illegals pay a dollar to cross the border, and that will help too.

Answer 10

Control spending...It's really not too late but we probably won't do anything and our grandkids will have to pay.