I think that The West is already past the point of no return:
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We could simply raise taxes.
Blasphemy?
Did the genius Buffett mention raising taxes? CNN underplays the entire concept.
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The problem has gone beyond raising taxes. In the UK we are now paying over £100 billion a year in interest on government debt. One pence (1p) in income tax raises about £5.5 billion in taxes. The interest payment on our government debt is just about covered by the amount basic rate tax raised. So, if we doubled our basic rate of tax (ignoring The Laffer curve) would just about do it. It’s not going to happen here and its certainly not going to happen in the USA.
Solution? Just keep borrowing and printing the currencies into oblivion.
Gold is going back up 
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Yep, nothing to worry about really! Wonder where Buffett got such an idea from.
Yeah, you know those old timers…
DB2
We also have massive assets that could be used to reduce national debt. Gold in Fort Knox is on the books at $32/oz.. Today is worth $3500/oz. Why not revalue to market and reduce national debt.
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And retire debt by paying it off? You are coming dangerously close to suggest reopening the gold window Nixon had shut more than 50 years ago.
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To reduce the debt you have to hand over the revalued gold to creditors. If you don’t balance the budget you just postpone reckoning day.
The Captain
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I was a founding member and continuing supporter of the bi-partisan (originally fairly evenly GOP and DEM) Concord Coalition
It had early triumphs that led to the national debt shrinking. Bush2 and company feigned horror at the idea of wiping the national debt and began the GOP’s commitment to feigned virtue while funneling money to the wealthiest.
We need to raise inheritance, income tax, and Social Security bite (just a bit) on the wealthiest classes, who how buy the votes to bankrupt the government.
Hunting down scofflaws (raise IRS budget at least until the cost benefit margin goes to 1:1, similar with financial institution transactions), corruption and stupidity (yeah, the military industrial complex) is useful, but is 2nd order.
Just sayin’.
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“Bush2 and company feigned horror at the idea of wiping the national debt and began the GOP’s commitment to feigned virtue”
One of the great gaslights in American History. In previous admin, there had been talk showing that Nat-debt could be eliminated in a decade or so. Under GWB, the national treasure was basically blown up and up in smoke. While at the same time boasting that they are the party of fiscal responsibility. What an absolute joke. Reminds me very much of current regime, in that regard.
Dear Paul,
The debt is the underpinning of the financial system.
Don’t be fooled by the chicken little nonsense. The debt is a projection of US power.