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We hit the debt ceiling back on May 16th. When does the world end?
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Last edited by TexasDevilDog; 07-13-2014, 02:12 PM.class joke
{
private:
char Forrest, Jenny, Momma, LtDan;
double Peas, Carrots;
string MommaAlwaysSaid(const bool AddAnyTime = True)
}; -
Two different topics, but the US Dollar is going to turn to shit in no time. Just wait for the muni bonds to take a shit, then all these student loan defaults.
Mortgage defaults are no where near finished either. It's like a slow kill... like FUkushima. -
I thought someone said that the US government would default when the debt ceiling was reached?
class joke
{
private:
char Forrest, Jenny, Momma, LtDan;
double Peas, Carrots;
string MommaAlwaysSaid(const bool AddAnyTime = True)
};Comment
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They will default when they say they will. Until then, they will just monetize the crap out of the debt until we hyperinflate. Those are the two REAL options.Originally posted by TexasDevilDog View PostI thought someone said that the US government would default when the debt ceiling was reached?
Default would have come if they shut everything down, like what was supposed to happen. Then no one would be working the govt to pay the debt and it would have kept rising because of the interest. Instead, they chose to ignore it and keep on truckin'. Timmy the treasurer said they can do it until August now (for some reason).Comment
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Looks like it has been steadily going down since then.
Maybe we paid our minimum requirement?Comment
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Not working out of a deficit.Comment
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They can do it through August by suspending funding of the Federal retirement systems (CSRS and FERS). After that the scaremongers say they will suspend military pay, Social Security payments, and/or Medicare payments.Originally posted by Denny View PostComment
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Exactly.Originally posted by The King View Post
The shit hits the fan when the first Treasury auction occurs and the rate is high as shit. That will be followed very shortly by a big dive in the stock market. You'd probably then see a seizing up of credit markets until people understood where longer term rates are going to be.
None of that will happen though because this is all just a stunt show and everyone on Wall Street knows it. The Republicans will put up a big pretend fight by demanding the Democrats cut spending by some weak ass symbolic amount. The Dems will give in, the ceiling will be raised and we'll keep on going right over the cliff. The end will come eventually but it won't be anytime soon, you'll see the interest rates on treasuries go up first as people get nervous about repayment. It sounds crazy but we could go another ten years without this reaching a boiling point.Originally posted by racrguyOriginally posted by racrguyComment
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How can the Treasury have an auction if they cant borrow money?Originally posted by Broncojohnny View Postclass joke
{
private:
char Forrest, Jenny, Momma, LtDan;
double Peas, Carrots;
string MommaAlwaysSaid(const bool AddAnyTime = True)
};Comment
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Ask Dave Ramsey to explain it if you are that dense.Originally posted by TexasDevilDog View PostOriginally posted by racrguyOriginally posted by racrguyComment
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My guess is WW3 is a comin'. I'm kinda surprised that china would even give us the loan, knowing that a default was more than likely coming.Comment
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We owe ourselves more than we owe China.Originally posted by Cooter View Post
China holds about $1 trillion of US debt. Life Insurance companies, pension funds, hedge funds, etc, etc hold somewhere around $2.5 billion.
China has to buy at least some of our debt, they need to send dollars back here somehow.Originally posted by racrguyOriginally posted by racrguyComment
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Federal laws already on the books say that the interest on the debt be paid with incoming tax dollars before anything else gets paid for. Not raising the debt limit will increase the value of the dollar and our credit rating because our lenders will know that there is a much better chance of us paying them back in full. What not raising the limit will do is cut off the money tit to the entitlement programs that are sucking us dry.
Not raising the limit would be the best thing to ever happen to our country. The fed couldn't sell more debt or print more money.Last edited by svauto-erotic855; 05-26-2011, 09:32 PM.Magnus, I am your father. You need to ask your mother about a man named Calvin Klein.Comment
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