U.S. debt impasse could be 'catastrophic'

[Ocean Breeze]

Really, really scary.........isn't it. A fragile house of cards tinkering on the brink of total collapse.

You are not kidding. Even the media is being "tentative" about how it reports this. I think to prevent sheer panic. ...particularly if they over play the emotional part.

BBC has some very (financially ) skilled and knowledgeable people speaking to this.... and it is VERY concerning. We have no idea of the potential fall out. The magnitude is too much for most of us to handle.

......they will have to stop any activity that is hemorrhaging them. And we all have a pretty good idea which ones they are. Just have a look see at any of the anti war sites and see the counters adding up the money spent to date and the rate it is being spent per minute.

What is fascinating is that some continue to use terms like "american dream".....and restoring things to where that is the premise they live on. Would be nice if american pragmetism took over from this over reached fantasy.

And then there is:


Apocalypse Investors: How Wall Street Bets on Catastrophic Breakdowns That Destroy Lives



Bankers figure that if global markets collapse, they might as well make money out of it.

Apocalypse Investors: How Wall Street Bets on Catastrophic Breakdowns That Destroy Lives | | AlterNet

 

[Ocean Breeze]

5 Disastrous Consequences Of A Debt Ceiling Meltdown



If we had an honest debate over the real-world effects of not raising the limit, it's hard to imagine anyone being in favor of letting the U.S. go into default.

More below.

5 Disastrous Consequences Of A Debt Ceiling Meltdown | | AlterNet

(Reuters) - President Barack Obama and top Republicans face growing pressure Thursday to surmount acrimonious divisions over how to avoid a debt default as an August 2 deadline looms for raising the national debt ceiling.
China, the U.S.'s biggest foreign creditor with more than $1 trillion in Treasury debt as of March, called on the U.S. government on Thursday to adopt responsible policies to protect investor interests.
The Foreign Ministry comments followed a warning by Moody's Investors Service that it might strip the United States of its gold-plated credit rating in coming weeks if the $14.3 trillion limit on America's borrowing was not raised.

Obama and lawmakers face fresh doubts on debt deal | Reuters

 

[relic]

I look at americas problem like this,if america was a family with their cards maxed out,the bright thing to do would be take on a second job,but noooo,they want to take time off,do they not know where the money comes from to pay for being #1 ?

 

[Ocean Breeze]

Maybe they should have a long and hard look at what they are spending money on...... and reassess their priorities.

for eg:

Why Are Your Tax Dollars Funding Secret CIA Prisons in Somalia?



An investigation in Somalia uncovers secret sites that include counterterrorism training for Somali intelligence agencies and secret prisons, operated by the CIA.

Why Are Your Tax Dollars Funding Secret CIA Prisons in Somalia? | | AlterNet


Seems that every thing to do with the war policy / direct and indirect is sucking their finances dry.

Not sure anyone can be no.1.........when they are in such dire financial straights. If one cannot manage their budget and live within their means. , they put themselves right off the scale and now they are losing their credit rating. (or it is at high risk ). That is not no one. that is hardly surviving.

 

[Nuggler]

If Obama had the balls to tell the rich they HAD to pay their fair share (subjective I know) of taxes, It MIGHT get the ball rolling to fill in the debt crater. Instead, we hear of cuts to social security, health care, etc. Obama hasn't got what it takes to call their bluff.

Herr Harper is listening and watching, and we can be assured these phony "austerity" measures, will, sooner or later, immigrate north. Our Jim Bakker haircut nazi leader can only wait and jump up and down with glee, as he plans his cuts to our already fragile health care system and govt. pensions; CPP, and OAS.

If the US citizens take to the streets a la Syria, it might make a difference. Canadians will take to the streets when their cable or digital tv is cut off, or when they can no longer get poutine, or something else of importance - Shania Twain for example, or the gay pride parade in T.O. We gotta have our priorities, eh!!:roll:

 

[YukonJack]

If Obama had the balls to tell the rich they HAD to pay their fair share (subjective I know) of taxes, It MIGHT get the ball rolling to fill in the debt crater. Instead, we hear of cuts to social security, health care, etc. Obama hasn't got what it takes to call their bluff.

Herr Harper is listening and watching, and we can be assured these phony "austerity" measures, will, sooner or later, immigrate north. Our Jim Bakker haircut nazi leader can only wait and jump up and down with glee, as he plans his cuts to our already fragile health care system and govt. pensions; CPP, and OAS.

If the US citizens take to the streets a la Syria, it might make a difference. Canadians will take to the streets when their cable or digital tv is cut off, or when they can no longer get poutine, or something else of importance - Shania Twain for example, or the gay pride parade in T.O. We gotta have our priorities, eh!!:roll:

Did you miss your appointment with your head-shrinker? Or just missed your medications? Or is your mentality a genuine birth defect?

Ocean Breeze and mentalfloss, let me express a genuine heart-felt thanks for your negatives.

Tell me if I am wrong that you would have given the same kind of negatives, if someone had addressed the same questions to me, or risk being called a hypocrite. Be HONEST, now, however strange and unaccustomed that may be to you!

BTW, are you two the faithful water carriers of Nuggler? Just asking.

 

[mentalfloss]

Did you miss your appointment with your head-shrinker? Or just missed your medications? Or is your mentality a genuine birth defect?

Ocean Breeze and mentalfloss, let me express a genuine heart-felt thanks for your negatives.

Tell me if I am wrong that you would have given the same kind of negatives, if someone had addressed the same questions to me, or risk being called a hypocrite. Be HONEST, now, however strange and unaccustomed that may be to you!

I gave you a negative because you simply berated the other poster and didn't even make any attempt to reply to his post.

That's trolling.

 

[YukonJack]

I gave you a negative because you simply berated the other poster and didn't even make any attempt to reply to his post.

That's trolling.

Thanks for clearing that up, mentalfloss. But I still need some explanation of how QUESTIONING is equal to 'berating'.

The questions are asked are routine on this forum. I was even kind enough not to ask Nuggler if he was sober.

Were you when you gave me the neg?

 

[EagleSmack]

If Obama had the balls to tell the rich they HAD to pay their fair share (subjective I know) of taxes, It MIGHT get the ball rolling to fill in the debt crater.

He is saying that. In fact... he could have raised taxes along with the Democrat controlled congress his first two years. Instead he squandered it with a Health Care program that may be deemed Unconstitutional.

Instead, we hear of cuts to social security, health care, etc. Obama hasn't got what it takes to call their bluff.

Yes Obama is trying to use a little fear but it is not having much affect.

 

[mentalfloss]

Thanks for clearing that up, mentalfloss. But I still need some explanation of how QUESTIONING is equal to 'berating'.

Take one "?" and add one <insult> before it.

One example of the <insult>? algorithm would probably look something like this...

Did you miss your appointment with your head-shrinker? Or just missed your medications? Or is your mentality a genuine birth defect?

Since you're a programmer, it would probably be easier to understand in the following loop:

for i (1.. the end of your life)

add <insult>?

end For

 

[coldstream]

I always have trouble stifling a yawn when i hear of 'debt' crises. There is a crisis in the world economy, but debt is only a symptom of the real source of the trouble. That is the de-industrialization of the productive capacities of the Western economies through Free Trade. Implicit with the tenets of Free Trade in product, is Monetarism, Free Trade in currency and credit.

If the U.S. returned to its founding economic roots, in the 'American System' developed by Alexander Hamilton it would never be tapping private or foreign sources for its revenue through borrowing. It would be completely unnecessary.

What Global Free Markets have delivered, is a collapsing economy, awash in private and foreign debt. The best thing to do now would be to declare a moratorium repayment on specific sectors of the debt, until the economy can be re-organized according the rational and national principles. That would bring down the whole corroded structure of Globalism, but it is the only way out of this mess.

The alternative is the Austerity programs being imposed on Europe. But even that is futile. You will never be able to cut spending fast ecough to compensate for a collapsing economy.

Taxes are the stop gap to default not spending cuts. And the only way to apply taxes constructively is through progressive income taxes, and ESPECIALLY on speculative capital gains, which now go virtually untaxed, making hedge fund managers and international traders rich beyond imagination, for selling out there country's manufacture and currency.

It was that idiot Reagan who cut the top marginal rate from 72% to 28%, and virtually eliminated taxes on speculative capital gains who is most to blame for all this. Its origins are in Reagan's Trickle Down Economics and Free Trade. Nothing is going to be solved until we understand that Free Markets are not free at all, they are front for a tyranny of a bebauched international aristocracy. They are failed structure that enervates the economy of its productive impulses.

 

[Nuggler]

Did you miss your appointment with your head-shrinker? Or just missed your medications? Or is your mentality a genuine birth defect?

Ocean Breeze and mentalfloss, let me express a genuine heart-felt thanks for your negatives.

Tell me if I am wrong that you would have given the same kind of negatives, if someone had addressed the same questions to me, or risk being called a hypocrite. Be HONEST, now, however strange and unaccustomed that may be to you!

BTW, are you two the faithful water carriers of Nuggler? Just asking.

Jack, you're a riot:lol:

20lb test line and a nice spoon. Someone will grab the trolling line.

 

[YukonJack]

Calling the duly elected Prime Minister "Herr Harper" and "Jim Bakker haircut nazi leader" prompted my response, which was far milder than what I usually get for criticizing Jimmy Jr. in far less offensive terms.

 

[Nuggler]

Calling the duly elected Prime Minister "Herr Harper" and "Jim Bakker haircut nazi leader" prompted my response, which was far milder than what I usually get for criticizing Jimmy Jr. in far less offensive terms.

Yer still a riot. regardless. A lot of folks take you seriously, and that's about as mistaken as saying Herr Harper is a benign, benevolent leader.
:blob7:

 

[petros]

Quote: Originally Posted by YukonJack

Calling the duly elected Prime Minister "Herr Harper" and "Jim Bakker haircut nazi leader" prompted my response, which was far milder than what I usually get for criticizing Jimmy Jr. in far less offensive terms.
​

I'm sorry Comrade YukonJack(ski) but Harper is the General Secretary of the Conservative Party of the Progressive Socialist Union's Central Committee.

Uncle Steve is suffice.

 

[YukonJack]

petros, next time try to remember that a wise man speaks because he has something to say, but a fool speaks because he has to say something.

 

[petros]

petros, next time try to remember that a wise man speaks because he has something to say, but a fool speaks because he has to say something.

Prove me wrong that Harper and friends aren't Progressive Socialists.

What does the first line on this website say? http://www.conservative.ca/party/founding_principles/

You're a Leftie, you're a Leftie! Hehehe. Comrade.

http://en.wikipedia.org/wiki/Progressivism

 

[Ocean Breeze]

Did you miss your appointment with your head-shrinker? Or just missed your medications? Or is your mentality a genuine birth defect?

Ocean Breeze and mentalfloss, let me express a genuine heart-felt thanks for your negatives.

Tell me if I am wrong that you would have given the same kind of negatives, if someone had addressed the same questions to me, or risk being called a hypocrite. Be HONEST, now, however strange and unaccustomed that may be to you!

BTW, are you two the faithful water carriers of Nuggler? Just asking.

 

[petros]

Prove me wrong that Harper and friends aren't Progressive Socialists.

What does the first line on this website say? http://www.conservative.ca/party/founding_principles/

You're a Leftie, you're a Leftie! Hehehe. Comrade.

Progressivism - Wikipedia, the free encyclopedia

Despite being associated with left-wing politics in the United States and Canada, the term "progressive" has occasionally been used by groups not particularly left-wing. The Progressive Democrats in the Republic of Ireland took the name "progressivism" despite being considered centre-right or classical liberal. The European Progressive Democrats was a mainly heterogeneous political group in the European Union. For most of the period from 1942–2003, the largest conservative party in Canada was the Progressive Conservative Party.

Why do you think I voted Conservative? They were the best managed Socialists of the lot.

In this neck of the world (yours too) Uncle Steve has pumped more money into projects that the Liberals started than the Liberals ever dreamed they could put in.

It's nice huh Comrade?

Have either the Obama admin or the Uncle Steve admin exchanged any negative views lately?

 

[Ariadne]

It seems that Minnesota shut down at the end of June:

Truckers: Closed Rest Stops Causing Public Safety Issue « CBS Minnesota

Day 8 Of Shutdown: No Action, No Urgency « CBS Minnesota