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Why don't the government just refuse to pay it back watch

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    We import and export a hell of a lot of produce, we're nowhere near being self-sustainable. So pissing off the world by refusing to take responsibility for the debt will probably result in us starving to death...
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    That's called defaulting, and it happens from time to time on a national level.

    Nations that default undergo a severe economic collapse with ramifications measured on a scale of decades.
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    (Original post by Svenjamin)
    We import and export a hell of a lot of produce, we're nowhere near being self-sustainable. So pissing off the world by refusing to take responsibility for the debt will probably result in us starving to death...
    what if all countries with debt team up and say "debt wiped" then bam nobody has debt and the future is bright they continue to trade with each other as they also had their own debt wiped
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    (Original post by Aphotic Cosmos)
    That's called defaulting, and it happens from time to time on a national level.

    Nations that default undergo a severe economic collapse with ramifications measured on a scale of decades.
    The severe economic collapse causes them to default, the defaulting does not cause them to collapse.
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    (Original post by Jacktri)
    Well why waste time paying back debts and making cuts when you can just refuse to pay it back my solution is flawless and anyone who disagrees will be nuked because the UK owns nukes and we aren't afraid to use them.
    Your simplistic reasoning is such that it engenders sympathy for your reasoning ability. :doh:

    Or maybe you're just trolling...
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    (Original post by yawn)
    Your simplistic reasoning is such that it engenders sympathy for your reasoning ability. :doh:

    Or maybe you're just trolling...
    or maybe you lack the mental capacity to understand its simplistic brilliance hence you play the troll card
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    i was coming on here to say that it would devalue the GBP and inflation would rise massively and all goods that are not produced in the UK (or have components sourced from other parts of the world)would cost an inordinate amount of money which would put our nation in abject poverty until we were technically classed as a third world country. But now i know that this isn't a serious argument and that the OP is either stupid or doing this for his/her own amusement (i think the latter) so, i'll just say that whilst we're at it we'll just start invading countries until we become a superpower again and then we'll show the Chinese
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    (Original post by Jacktri)
    what do we need money for we already have roads and schools do we really want yachts for everyone too?
    My school is so poorly funded that we can't even afford books we have to write on sheets of paper...
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    (Original post by Jacktri)
    or maybe you lack the mental capacity to understand its simplistic brilliance hence you play the troll card
    This convinces me even more that you are a troll.

    You have been given more than ample intelligent and informed reasons why a government that seeks to be held in high esteem by other governments cannot default on debts, and yet you continue to use fatuous reasons to ignore them.

    Self-proclaimed brilliance is no basis for reliable assessment.
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    (Original post by high)
    My school is so poorly funded that we can't even afford books we have to write on sheets of paper...
    paper what an outrage i shal not rest until every school is in the country is engraving their work on gold bullion
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    (Original post by Jacktri)
    what if all countries with debt team up and say "debt wiped" then bam nobody has debt and the future is bright they continue to trade with each other as they also had their own debt wiped
    That's what people have been saying about third world debt for decades. Would be a bit cynical if we all decided now was the time because it affects us as well.

    Plus to do this is essentially admitting that capitalism doesn't work. And well, if you tell that to America they'll call us a load of communists and probably want to start a war. Plenty of revolutionists had the idea of drawing a line under capitalism and starting over afresh, but things didn't work out too well for them.
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    (Original post by Jacktri)
    Well why waste time paying back debts and making cuts when you can just refuse to pay it back my solution is flawless and anyone who disagrees will be nuked because the UK owns nukes and we aren't afraid to use them.
    I think the US would have a say in that, given we have to ask them nicely if we want to use the nukes.
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    (Original post by Jacktri)
    The severe economic collapse causes them to default, the defaulting does not cause them to collapse.
    A short-term economic crisis in one or two economic sectors causes them to default; a default causes them to collapse, seeing a prolonged and significant negative growth across the entire economy, universally lowered standards of living and lower average incomes.

    Britain is going through/coming out of an economic crisis.

    Argentina went through an economic collapse after the financial crisis there of 1999-2002.
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    (Original post by high)
    My school is so poorly funded that we can't even afford books we have to write on sheets of paper...
    That's pure luxury.

    My school is so poorly funded that we have to scratch out our essays on our arms with our own finger nails.

    Can anyone beat that in terms of poor funding?
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    (Original post by Jacktri)
    Well why waste time paying back debts and making cuts when you can just refuse to pay it back my solution is flawless and anyone who disagrees will be nuked because the UK owns nukes and we aren't afraid to use them.
    Even after this years cuts we are still going to have a deficit, which means we are going to have to borrow money. Oh hang on nobody wants to lend us any money because we just told them we won't pay them back.
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    (Original post by pol pot noodles)
    Even after this years cuts we are still going to have a deficit, which means we are going to have to borrow money. Oh hang on nobody wants to lend us any money because we just told them we won't pay them back.
    if we can't borrow it we will steal it we just have to invade Nigeria or something and get their bank to lend us trillions
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    He's right, the government keep a law to say the banks can charge them massive interest rates. Why does it continue? Who do it we owe it to? BANKS. The superrich, who continue the global con that they are legally allowed to conjure money out of thin air, in the 9:1 'golden raito' (much higher in some countries). This means the banks can lend money out (at extortionate interest rates) while only actually keeping safe hold of a 9th of the money invested in them. When you take out a loan, the banks aren't giving you a portion of money that is already owned by them. They simply conjoure it out of thin air on the contract you sign.

    We don't need to pay it back. And we don't need to fight any (illegal oil) wars. We don't need to be making any cuts. We are paying for it... voting for it... how to escape. How to fix it?
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    Um, credit rating? :facepalm:
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    I never claim to know it all, but i know some things. And I wouldn't expect people to know everything that I know and vice versa, but surly things like OP's suggestion are just common sense as to why it's a ****ing bad idea. Honeslty, what kind of fantasy world do you people live in???????????
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    it works the same as a credit card. If we refused to pay back the money we owe our credit rating would drop to its bare minimum and our banks would collapse as no one would trust us and would probably refuse to trade with the UK.

    This is the reason Greece's economy completely collapsed.
 
 
 
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