Debt ceiling drama starts today (US)

VioAdmin said:
Blame ourselves. We allowed the minority to rule over the majority. A system that has been failing humanity since it was implemented. Too many pussies in this world, end of story. Most of us humans are scared to run our own lives so we let someone else make decisions for us. Lets face the facts here.
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I don't know hey, I'd take a modern western lifestyle over this any time of the day. Just ask Romulus.
 
No economist can actually predict exactly when something will happen, fiat currencies rely on trust and you can't predict when people will change thier minds.
If an economist gives the year and month and actually gets it right, then its more luck, its basically an informed guess he got right.

Having record deficits year-on-year is not sustainable. How much does each citizen technically owe when they turn 18 in the US, around $40 000 per person. Thats the amount of debt each 18 year old incurs when he reaches 18. It is not sustainable, doesn't matter who is in the White House, Republicans or Democrats.
 
Deficit per year

wapoobamabudget1.jpg



President Obama’s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government’s overall debt surpass the size of the total U.S. economy.

Mr. Obama’s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP — the first time since World War II that dubious figure has been reached.

And the budget projects the government will run a deficit of $1.645 trillion this year, topping 2009’s previous record by more than $230 billion. By contrast, 2007’s deficit was just $160 billion altogether.

Still, amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large
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http://www.washingtontimes.com/news/2011/feb/14/debt-now-equals-total-us-economy/
 
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I'm not an expert on this matter but someone tell me if I'm wrong in saying that... what's basically happened here is that America is in the crapper as they can't service their debt unless they change the limit of debt they are allowed to expose themselves to?

Seems to me like there really isn't any way out for them now?

Problem is, their stupid policies are gonna end up affecting us some way or the other. Any idea on how big this inevitable crash will be?
 
I am sure china will have something to say about the US continually deflating the dollar by just printing more, as it drops the value of their holding.
I think we gonna see a new world/reserve currency sooner than we think .... I would expect most countries to start moving away from the dollar as the US continues to print more
 
lucifir said:
I am sure china will have something to say about the US continually deflating the dollar by just printing more, as it drops the value of their holding.
I think we gonna see a new world/reserve currency sooner than we think .... I would expect most countries to start moving away from the dollar as the US continues to print more
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They are quietly selling of treasury bonds. Quietly enough not to start a stampede but selling of none the less.
 
Geriatrix said:
They are quietly selling of treasury bonds. Quietly enough not to start a stampede but selling of none the less.
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so who is crazy enough to buy these bonds?? and if they are selling, does that mean they are moving closer to a new reserve currency?? I heard rumours of a reserve currency that is made up of a couple of currencies as well as gold. This would make sense, but I think they should have something like a UN currency as the reserve. This way the us cannot print themselves out of debt, and have to follow the rules like everyone else :) .. but that would probably mean a huge depression in the us if that ever happened .... which can be a bad thing for everyone!!
 
2011

Obama warns on debt ceiling risk

2006

Senator Obama’s Vote Against Raising the Debt Ceiling


Joe 'Hair plugs' Biden

The fact that we're here today to debate raising America's debt limit is a sign -- is a sign of leadership failure. Leadership means the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit. I suspect you know who I'm quoting.
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Add another Flip-Flop

110419-campaign-TFD-550x380.jpg
 
lol new information. Is that why Gitmo is still open too?

How convenient a candidate can spew one thing to get into power and then "oh wait I have new information, I change my mind"

After the election the ANC will no doubt become aware of "new information" to change their mind and renege on election promises.

Ho hum
 
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A US debt crash is definitely coming, and I believe in the philosophy of seeing an opportunity in chaos or disaster. So I wanna profit from the US debt crises :), not sure how to do that though. Can one trade currencies and profit if the US dollar weakenes when the crash comes?
 
grayston said:
No idea. Weren't we talking about the debt ceiling?
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So what's this new information then.

Why is raising the debt ceiling in 2006 a sign of "failed leadership" and not now 2011?

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure… . Increasing America’s debt weakens us domestically and internationally
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Obama 2006
 
Alan said:
So what's this new information then.

Why is raising the debt ceiling in 2006 a sign of "failed leadership" and not now 2011?



Obama 2006
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I would assume it is because the US is in a lot more trouble than it was in 2006. Either that or these dumbass coons can't make up their minds. That's what you get for voting in a black president.

There. I played the race card. Can we stop now?
 
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