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giustobuffo

Last status update:
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Date Signed Up:3/10/2011
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Level 124 Content: Respected Member Of Famiry → Level 125 Content: Respected Member Of Famiry
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Level 255 Comments: Contaminated Win → Level 256 Comments: Contaminated Win
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Times Content Favorited:83 times
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#75 - Lol Norway is in the top 20 national debts, listed by country …  [+] (7 new replies) 11/19/2013 on In case anyone didn't know... 0
User avatar
#76 - vexaton (11/19/2013) [-]
Yeah. And wow, I didn't know that. What is the debt of Norway then?
#77 - giustobuffo (11/19/2013) [-]
It is somewhere between 600 billion and 650 billion, if I remember correctly. That is just a drop in the bucket compared to US debt, but US debt is about 100% of GDP while Norway's is about 150% of GDP.
User avatar
#78 - vexaton (11/19/2013) [-]
Well 600 billion USD or NOK? If it's NOK then we could've payed off that shit no sweat
#79 - giustobuffo (11/19/2013) [-]
Most likely in USD, although to be honest I am unsure.
User avatar
#80 - vexaton (11/19/2013) [-]
Well we have our oil money anyway, so any debt would be able to be paid off. Norway has a fund of $750 billion in oil money. We literally don't know how to spend it.
Source: www.businessinsider.com/norway-has-more-money-than-it-knows-what-to-do-with-2013-9
#81 - giustobuffo (11/19/2013) [-]
That is an interesting article. I knew that Norway was doing well. The Scandinavian countries have been on top of their game for a while, yet they are still being frugal. Good planning. But the article is also right that government spending going much higher than current levels could be disastrous. That is why debt is tricky. You can't just try and pay it all off at once, even if you had the money to do so.
User avatar
#84 - vexaton (11/19/2013) [-]
I know, but we have the money, that's all I'm saying. That article was posted on FJ last week by the way.
#72 - What doesn't have a huge effect on the economy of America? And…  [+] (9 new replies) 11/19/2013 on In case anyone didn't know... 0
User avatar
#73 - vexaton (11/19/2013) [-]
Norway bro, as far as I know, we don't have any national debt. And what I meant by that, is that if the flawed promissary note system was real, it wouldn't matter anyway. I meant to say "It wouldn't really have", not "doesn't"
#75 - giustobuffo (11/19/2013) [-]
Lol Norway is in the top 20 national debts, listed by country hahaha. If I'm not mistaken, your national debt is actually significantly higher of a percentage of your gdp than the US's. The only reason we hear so much about the US debt is because our debt has been growing faster, and if we default on our credit then the international economy could crash.

But you're right that the system wouldn't change, even if OP had been correct. Hence the later part of my original comment.
User avatar
#76 - vexaton (11/19/2013) [-]
Yeah. And wow, I didn't know that. What is the debt of Norway then?
#77 - giustobuffo (11/19/2013) [-]
It is somewhere between 600 billion and 650 billion, if I remember correctly. That is just a drop in the bucket compared to US debt, but US debt is about 100% of GDP while Norway's is about 150% of GDP.
User avatar
#78 - vexaton (11/19/2013) [-]
Well 600 billion USD or NOK? If it's NOK then we could've payed off that shit no sweat
#79 - giustobuffo (11/19/2013) [-]
Most likely in USD, although to be honest I am unsure.
User avatar
#80 - vexaton (11/19/2013) [-]
Well we have our oil money anyway, so any debt would be able to be paid off. Norway has a fund of $750 billion in oil money. We literally don't know how to spend it.
Source: www.businessinsider.com/norway-has-more-money-than-it-knows-what-to-do-with-2013-9
#81 - giustobuffo (11/19/2013) [-]
That is an interesting article. I knew that Norway was doing well. The Scandinavian countries have been on top of their game for a while, yet they are still being frugal. Good planning. But the article is also right that government spending going much higher than current levels could be disastrous. That is why debt is tricky. You can't just try and pay it all off at once, even if you had the money to do so.
User avatar
#84 - vexaton (11/19/2013) [-]
I know, but we have the money, that's all I'm saying. That article was posted on FJ last week by the way.
#70 - What you wrote is just the (flawed) foundations of a credit sy…  [+] (11 new replies) 11/19/2013 on In case anyone didn't know... 0
User avatar
#71 - vexaton (11/19/2013) [-]
Well it doesn't really have such a huge effect on the economy of America anyway. They are already in debt anyway. I don't live in America, but I've discussed the matter with American friends of mine, and I've tried to study the subject a little bit, but not so much that it would seem that I actually care about that moronic country.
#72 - giustobuffo (11/19/2013) [-]
What doesn't have a huge effect on the economy of America? And you must live in an itty-bitty country if yours has no debt lol
User avatar
#73 - vexaton (11/19/2013) [-]
Norway bro, as far as I know, we don't have any national debt. And what I meant by that, is that if the flawed promissary note system was real, it wouldn't matter anyway. I meant to say "It wouldn't really have", not "doesn't"
#75 - giustobuffo (11/19/2013) [-]
Lol Norway is in the top 20 national debts, listed by country hahaha. If I'm not mistaken, your national debt is actually significantly higher of a percentage of your gdp than the US's. The only reason we hear so much about the US debt is because our debt has been growing faster, and if we default on our credit then the international economy could crash.

But you're right that the system wouldn't change, even if OP had been correct. Hence the later part of my original comment.
User avatar
#76 - vexaton (11/19/2013) [-]
Yeah. And wow, I didn't know that. What is the debt of Norway then?
#77 - giustobuffo (11/19/2013) [-]
It is somewhere between 600 billion and 650 billion, if I remember correctly. That is just a drop in the bucket compared to US debt, but US debt is about 100% of GDP while Norway's is about 150% of GDP.
User avatar
#78 - vexaton (11/19/2013) [-]
Well 600 billion USD or NOK? If it's NOK then we could've payed off that shit no sweat
#79 - giustobuffo (11/19/2013) [-]
Most likely in USD, although to be honest I am unsure.
User avatar
#80 - vexaton (11/19/2013) [-]
Well we have our oil money anyway, so any debt would be able to be paid off. Norway has a fund of $750 billion in oil money. We literally don't know how to spend it.
Source: www.businessinsider.com/norway-has-more-money-than-it-knows-what-to-do-with-2013-9
#81 - giustobuffo (11/19/2013) [-]
That is an interesting article. I knew that Norway was doing well. The Scandinavian countries have been on top of their game for a while, yet they are still being frugal. Good planning. But the article is also right that government spending going much higher than current levels could be disastrous. That is why debt is tricky. You can't just try and pay it all off at once, even if you had the money to do so.
User avatar
#84 - vexaton (11/19/2013) [-]
I know, but we have the money, that's all I'm saying. That article was posted on FJ last week by the way.
#67 - I know, right? Dumb kids with an internet connection... 11/19/2013 on In case anyone didn't know... 0
#66 - I know we are all saying it, but still... This is so dumb and …  [+] (13 new replies) 11/19/2013 on In case anyone didn't know... +3
User avatar
#68 - vexaton (11/19/2013) [-]
Dude, this is what America does:
K OOO
Kevin has three balls, they represent money
K -> OOO -> N I
Kevin america gives the three balls to Nick the people to buy his skateboard
K...
Now Kevin doesn't have any balls left
K ØØØ
Kevin makes notes that depict balls, basically I.O.U's
K ØØØ -> N
Kevin buys more stuff from Nick with the I.O.U's, even though he doesn't have any balls.
K ØØØØØØØØØØØØØØØØØØØ Kevin realizes that the system works in his favor, and prints a ton of I.O.U balls, and use them to buy anything he wants, without having to actually use up his money.
#70 - giustobuffo (11/19/2013) [-]
What you wrote is just the (flawed) foundations of a credit system.

The content was referring to money itself. I have a degree in political science and economics, so I've studied quite a bit on the subject lol so I'm sorry if this comes off dickish. The content relies on a misreading/misunderstanding/antiquated use of the word "promissory", which doesn't apply to actual real world economies issued money (and at least in the way it is presented in the content, it NEVER applied to actual real world economies).

If I give it a charitable reading, it is simply an interesting sounding but mistaken understanding of currency. But it actually looks like a far right-winger "conspiratorial" post designed to make people feel like the big bad government is pulling the wool over their eyes in yet another way.
User avatar
#71 - vexaton (11/19/2013) [-]
Well it doesn't really have such a huge effect on the economy of America anyway. They are already in debt anyway. I don't live in America, but I've discussed the matter with American friends of mine, and I've tried to study the subject a little bit, but not so much that it would seem that I actually care about that moronic country.
#72 - giustobuffo (11/19/2013) [-]
What doesn't have a huge effect on the economy of America? And you must live in an itty-bitty country if yours has no debt lol
User avatar
#73 - vexaton (11/19/2013) [-]
Norway bro, as far as I know, we don't have any national debt. And what I meant by that, is that if the flawed promissary note system was real, it wouldn't matter anyway. I meant to say "It wouldn't really have", not "doesn't"
#75 - giustobuffo (11/19/2013) [-]
Lol Norway is in the top 20 national debts, listed by country hahaha. If I'm not mistaken, your national debt is actually significantly higher of a percentage of your gdp than the US's. The only reason we hear so much about the US debt is because our debt has been growing faster, and if we default on our credit then the international economy could crash.

But you're right that the system wouldn't change, even if OP had been correct. Hence the later part of my original comment.
User avatar
#76 - vexaton (11/19/2013) [-]
Yeah. And wow, I didn't know that. What is the debt of Norway then?
#77 - giustobuffo (11/19/2013) [-]
It is somewhere between 600 billion and 650 billion, if I remember correctly. That is just a drop in the bucket compared to US debt, but US debt is about 100% of GDP while Norway's is about 150% of GDP.
User avatar
#78 - vexaton (11/19/2013) [-]
Well 600 billion USD or NOK? If it's NOK then we could've payed off that shit no sweat
#79 - giustobuffo (11/19/2013) [-]
Most likely in USD, although to be honest I am unsure.
User avatar
#80 - vexaton (11/19/2013) [-]
Well we have our oil money anyway, so any debt would be able to be paid off. Norway has a fund of $750 billion in oil money. We literally don't know how to spend it.
Source: www.businessinsider.com/norway-has-more-money-than-it-knows-what-to-do-with-2013-9
#81 - giustobuffo (11/19/2013) [-]
That is an interesting article. I knew that Norway was doing well. The Scandinavian countries have been on top of their game for a while, yet they are still being frugal. Good planning. But the article is also right that government spending going much higher than current levels could be disastrous. That is why debt is tricky. You can't just try and pay it all off at once, even if you had the money to do so.
User avatar
#84 - vexaton (11/19/2013) [-]
I know, but we have the money, that's all I'm saying. That article was posted on FJ last week by the way.
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