And Gold will rise to astronomical prices. But it's been done for the last 10 years and the Hyper inflation has not happened. John Paulson - the big time Wall Street hedge fund manager - believed in the hyperinflation theory and put billions into Gold but no inflation came and Gold has fallen and Paulson lost hundreds of millions. So if it's only done partially for the income tax and not other taxes it could work. If the Federal Reserve today would start forgiving the US debt which is just a balance sheet entry on their part who would care and why would it bring down the world since we have no hyperinflation anywhere on the future horizon. People would still buy US goods and Government bonds.

@Stig The U.S. debt is the bonds bought by other countries. Wipe that debt off the books and nobody would by U.S. bonds. No taxes also means no milatiry to protect us, no national parks, etc. Just printing more money will cause total economic collapse-that's what is happening in Venezuela right now- hyper-inflation and the entire economy has collapsed because they kept printing money.

@EricJones The US debt is also what the american citizens have purchased in their portfolios. If no foreigners had purchased any bonds but only Americans - then the US would have no debt. Noooooooo......that's a big misunderstanding.

Well the funding for the government expenses would come from the Federal Reserve and everything continues......

And the US is not Venezuela which is totally dependent on oil prices since their economy has not much to offer otherwise - maybe some agricultural products....so the US is similar to Venezuela.....? Noooo.......

You're referring to classic macroeconomic theory which has shown not to b true the last 10 years. So believe in a theory or the evidence from the last 10 years...I will go with the latter.....

The point that it would all be worthless paper money is already the case. We left the gold standard a long time ago (hope you have some of those 1933 Golden eagles) so the currency is already not backed by anything......

@Stig When oil prices went down Venezuela began to print massive amounts of money to make up the difference. Try reading the news once in a while.

@EricJones Well now your're running out of knowledge and argument and instead turn to personal insults. This is a bad position for you to be in. The amount of money that Venezuela printed will only be a footnote in the Federal Reserve balance sheet - so that it not relevant for this topic.

You were not able to counter my points.....try again......

@EricJones So here are some further facts against your theory and condemnation. I'm in possession of an actual 100 billion Deutsche mark note from the early thirties when the Wiemar Republic in Germany was experiencing hyperinflation. Sure the Germans replaced that currency but Germany is doing well today - sure the population is reducing due to secular causes but economically much better than the US. So what's your point except old economic theory and the example of Venezuela - which we've established is not a good comparison?