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(CNN)   China, Japan, Saudi Arabia, Germany and Singapore: Raise the debt ceiling NOW, a default by the United States would have a profound effect on our economies. This GOP scheme is going to tank the dollar as the world reserve currency   (money.cnn.com) divider line 521
    More: Interesting, United States, Saudi Arabia, Japan, Singapore, Americanize, action alert, Christine Lagarde, reserve currency  
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6846 clicks; posted to Main » on 14 Oct 2013 at 9:16 AM (48 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-10-14 10:37:02 AM

The Beatings Will Continue Until Morale Improves: So instead of the US losing its status in the world market gradually over the next few decades we will lose it all now. Good luck buying all your oil and other imports in euros.


We buy our oil from Canada, Mexico, and Venezuela. Do you really think they won't take dollars?
 
2013-10-14 10:37:20 AM
media.cagle.com
 
2013-10-14 10:37:53 AM

flondrix: Fark_Guy_Rob: Sounds like great news for me and lots of regular Americans.

I owe hundreds of thousands of dollars in debt at ridiculous interest rates. Much of it is immune from bankruptcy (yay - education bubble!).

Bring on the inflation. When a loaf of bread costs 100 dollars and my annual salary is 500,000k - my debts will be a drop in the bucket.

I get the idea of how a worthless dollar benefits people who have more debt than assets, but what if a loaf of bread costs 100 dollars and your annual salary doesn't inflate accordingly?


Seeing as wages have not kept pace with inflation, you're probably more right than you realize.
 
2013-10-14 10:38:41 AM

HotIgneous Intruder: Fark_Guy_Rob: I owe hundreds of thousands of dollars in debt at ridiculous interest rates.  Much of it is immune from bankruptcy (yay - education bubble!).

Bring on the inflation.  When a loaf of bread costs 100 dollars and my annual salary is 500,000k - my debts will be a drop in the bucket.

Good plan, but I suspect interest rates will go up to match the inflation.


They certainly will...

However for many people the majority of their debt is their fixed rate mortgage.

If we have 1000% inflation...I will still be paying 3% something interest.

Typically inflation hurts the rich but is beneficial to the majority of people... that's why politicians hate it.
 
2013-10-14 10:39:52 AM

KimNorth: Zeb Hesselgresser: KimNorth:  Out of all the headlines on all the stories submitted it seems they have been hand picking the most, I hate/Republican/religion-Christians/etc... Headline lead in's they can choose.

You're trying too hard.

0/10


A nonsense holiday with no banking, no mail and it's too early to go to the golf course, so, yeah.
 
2013-10-14 10:39:57 AM

VendorXeno: itsaidwhat: Obama and his libtard sycophants are equally to blame by representing the do-nothing leaches of society.

Close to 90% of the people receiving some kind of federal assistance fall into the categories of working poor, retired or disabled, including veterans and the elderly, people who put in their time. To call them do-nothing leaches [sic] is one of the lowest! most insulting and disgusting lies a person can spread about their fellow citizens. When itsaidwhat employs this lie it demonstrates him to be a dishonest, stupid, hateful human being, one of the worst of us. This is the face of the right wing now, this ignorant malice and selfish dishonesty.


Libtard. Look at the numbers. Entitlements are killing America. Wealthy taking social security, abled taking disability, creating children where no family exists to raise them. And before you put a face on my opinions (you racist) be aware that I welcome people of all colors, national origin, religion and sexual orientation to join me on the work line to support "the working poor". You have no idea how I made it to where I am but it starts with self respect and respect for others - including their beliefs and their property. When libtards seek to take away either, they will meet with the harsh reality of my rights. Yes, please - face me - and tell me you deserve what I have earned. You will get what my conscience thinks you deserve.
 
2013-10-14 10:40:45 AM

Fark_Guy_Rob: I owe hundreds of thousands of dollars in debt at ridiculous interest rates. Much of it is immune from bankruptcy (yay - education bubble!).

Bring on the inflation. When a loaf of bread costs 100 dollars and my annual salary is 500,000k - my debts will be a drop in the bucket.


You currently have hundreds of thousands of debt and make approximately 15k per year?
 
2013-10-14 10:41:41 AM
Well, goodbye economy. Thanks, Republicans.
 
KIA
2013-10-14 10:41:50 AM
As a non-government dependent, non-government employed, hard working, self-insured, productive member of society, I'm getting a kick out of the replies in this thread.
 
2013-10-14 10:42:41 AM
It's all just a diversionary tactic. We're not taking about about certain GOP members who are trying to redefine rape, running off with Latin American mistresses, harassing male interns, or defending their "wide stance" right now, are we?
 
2013-10-14 10:43:11 AM

CleanAndPure: HotIgneous Intruder: Fark_Guy_Rob: I owe hundreds of thousands of dollars in debt at ridiculous interest rates.  Much of it is immune from bankruptcy (yay - education bubble!).

Bring on the inflation.  When a loaf of bread costs 100 dollars and my annual salary is 500,000k - my debts will be a drop in the bucket.

Good plan, but I suspect interest rates will go up to match the inflation.

They certainly will...

However for many people the majority of their debt is their fixed rate mortgage.

If we have 1000% inflation...I will still be paying 3% something interest.

Typically inflation hurts the rich but is beneficial to the majority of people... that's why politicians hate it.


Someone in this thread has "hundreds of thousands" of mostly student loan debt. Aren't most student loans of that size on an adjustable interest rate? If so Fark_guy_rob is boned,
 
2013-10-14 10:44:39 AM

KIA: As a non-government dependent, non-government employed, hard working, self-insured, productive member of society, I'm getting a kick out of the replies in this thread.


doubtful.
 
2013-10-14 10:44:43 AM

CleanAndPure: Typically inflation hurts the rich but is beneficial to the majority of people... that's why politicians hate it.


Inflation can be good in some situations to debtors, but it kills savers like old retired people.
 
2013-10-14 10:45:22 AM
How can you have a paper currency as a reserve currency?
 
2013-10-14 10:45:51 AM

itsaidwhat: Libtard. Look at the numbers. Entitlements are killing America. Wealthy taking social security, abled taking disability, creating children where no family exists to raise them. And before you put a face on my opinions (you racist) be aware that I welcome people of all colors, national origin, religion and sexual orientation to join me on the work line to support "the working poor". You have no idea how I made it to where I am but it starts with self respect and respect for others - including their beliefs and their property. When libtards seek to take away either, they will meet with the harsh reality of my rights. Yes, please - face me - and tell me you deserve what I have earned. You will get what my conscience thinks you deserve.


You might not be racist but you're certainly lacking in perspective and incapable of empathy, and you're also parroting taking points that were debunked in the 80s.
 
2013-10-14 10:48:13 AM

jigger: CleanAndPure: Typically inflation hurts the rich but is beneficial to the majority of people... that's why politicians hate it.

Inflation can be good in some situations to debtors, but it kills savers like old retired people.


Only if they keep their cash under the mattress instead of reinvesting.
 
2013-10-14 10:48:25 AM

GoodyearPimp: I'd like to yell this at the people who are CONVINCED that we have enough income to cover our debt payments (so we can't default):  What are you going to do when your dollars aren't worth anything?  If you are somehow insulated from those effects, how many of your neighbors with guns and hungry bellies are?


I will do what I have always done. Get up and go to work, notwithstanding the government incompetence.

I was naked and penniless when I entered this world. If I haven't learned enough since then to survive and teach others to do the same, or if I'm too old to do it, by what right do I have to ask others to do it for me? The world doesn't owe me the right to be an ongoing fertilizer factory.
 
2013-10-14 10:49:05 AM

Rindred: That's not how you cut a baby in half

Yes, it is. You have to chop from the groin - with the help of gravity - through the body. If you struck the skull, the rounded (even if not quite solid yet) skull might partially deflect the blow and cause an uneven bisection. And that wouldn't be fair.

/Metaphor is good, so long as we all agree that the liar "mom" of the story represents the Republicans
//No, Mr. Police Investigator, this post was in jest and I do not, in fact, advocate or...ouch! Easy with those cuffs!


I must agree... after all, we can look to history for expert opinions on this matter... how did Ed Gein cut his victims up? He gutted them, then split them from groin to gullet...

/problem solved.
 
2013-10-14 10:49:08 AM

Gunther: way south: The reality is both sides are self serving wenches that really don't care what happens so long as they "win".

Oh fantastic, BSABSVR! I'm close to winning at Derp Bingo!


oh fantastic BSABSVR!  derp, so vote Democrat!

/see how pathetic and stupid you are?
 
2013-10-14 10:52:16 AM
More people who cant do math.
Take in 250 billion a month.
Monthly interest on debt is 60 billion a month.
We will not default, the debt payments can be made without raising debt celing.
Obama in 2006 " debt celing increase is unpatriotic, i vote no"
Obama 2013 "not raising debt celing is unpatriotic, no votes are economic terrorism"

/living within your means, how does it work?
 
2013-10-14 10:53:03 AM

way south: This chiding is just so other leaders can score points of their own. They couldn't care less if we default.


someone has zero idea how global economics actually works.

Director_Mr: If you are blaming one side any more than the other you aren't paying attention.


So the police are equally to blame for a hostage situation because they won't negotiate with the hostage taker?
 
2013-10-14 10:53:14 AM

FlippityFlap: itsaidwhat


0/0


"The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man."

George Bernard Shaw
 
2013-10-14 10:53:33 AM

you have pee hands: itsaidwhat: Libtard. Look at the numbers. Entitlements are killing America. Wealthy taking social security, abled taking disability, creating children where no family exists to raise them. And before you put a face on my opinions (you racist) be aware that I welcome people of all colors, national origin, religion and sexual orientation to join me on the work line to support "the working poor". You have no idea how I made it to where I am but it starts with self respect and respect for others - including their beliefs and their property. When libtards seek to take away either, they will meet with the harsh reality of my rights. Yes, please - face me - and tell me you deserve what I have earned. You will get what my conscience thinks you deserve.

You might not be racist but you're certainly lacking in perspective and incapable of empathy, and you're also parroting taking points that were debunked in the 80s.


I think he's being facetious.

It's really hard to tell these days, though, since parody of the right wing keeps becoming reality, like some sort of nightmarish collective-unconscious fueled warping of reality, where the worst things we can imagine take physical form.
 
2013-10-14 10:53:52 AM

CleanAndPure: HotIgneous Intruder: Fark_Guy_Rob: I owe hundreds of thousands of dollars in debt at ridiculous interest rates.  Much of it is immune from bankruptcy (yay - education bubble!).

Bring on the inflation.  When a loaf of bread costs 100 dollars and my annual salary is 500,000k - my debts will be a drop in the bucket.

Good plan, but I suspect interest rates will go up to match the inflation.

They certainly will...

However for many people the majority of their debt is their fixed rate mortgage.

If we have 1000% inflation...I will still be paying 3% something interest.

Typically inflation hurts the rich but is beneficial to the majority of people... that's why politicians hate it.


Actually inflation tends to hurt the poor a little (as wage increases tend to lag behind inflation, so inflation tends to increase poverty rates - especially in the short term after inflation rises compared to recent history), is neutral/mildly beneficial to the middle class overall (helping the middle aged segment due to the debt issue you highlight, tending to hurt the younger and older segments of that group though), but it can hurt certain types of wealthy person (well financially speaking, I doubt it truly makes much difference to them by definition of being rich).
 
2013-10-14 10:53:55 AM

Rapmaster2000: itsaidwhat: Obama and his libtard sycophants are equally to blame by representing the do-nothing leaches of society.

I see this a lot, so let's clear it up:

Leaching


Leeches


Noted.
 
2013-10-14 10:54:53 AM
i.telegraph.co.uk

/It was nice while it lasted... Thanks TEA Party.
 
2013-10-14 10:55:13 AM
To the Tea Party and defaulting. They are first and foremost Libertarians. They want no government and they're hitting the accelerator as they drive towards the brink. The WSJ is overwrought because they know what a default means and they know you can't deal or negotiate with idealists because there's no leverage. Yes, I'm expecting Fox to start sounding sane this week, unfortunately the zealots are where they want to be. Oops, too late.

Assholes, they tear down the country and then expect to rebuild it to their liking regardless of the real pain caused. Even sounds vaguely similar to the plot of Atlas Shrugged.

To being the reserve currency. The dollar has been the world's backup because of its amazing, perennial stability since 1945. Once that trust is broken, it's like finding your significant other has been unfaithful... it will never be the same. Besides, the Euro and the Yuan would *love* to take its place. And don't say they can't displace the dollar because even in the 21st century investors rely on gut instinct vs logic and have as much courage as a rabbit. Markets are already worried because they've noticed brinkmanship is the new norm until 2014 or later.

To the simpletons in congress. There is no similarity between household finances and national finances or international finances.

// Hmm, I wonder if we need to define a Godwin-like law referencing Ayn Rand instead of Herr Schicklgruber.
 
2013-10-14 10:56:27 AM

VendorXeno: itsaidwhat: Obama and his libtard sycophants are equally to blame by representing the do-nothing leaches of society.

Close to 90% of the people receiving some kind of federal assistance fall into the categories of working poor, retired or disabled, including veterans and the elderly, people who put in their time. To call them do-nothing leaches [sic] is one of the lowest! most insulting and disgusting lies a person can spread about their fellow citizens. When itsaidwhat employs this lie it demonstrates him to be a dishonest, stupid, hateful human being, one of the worst of us. This is the face of the right wing now, this ignorant malice and selfish dishonesty.


Yes. I work for a living. That makes me ignorant, malicious, selfish and dishonest.

I am rubber, you are glue...
 
2013-10-14 10:57:35 AM
Enitria:
To the simpletons in congress. There is no similarity between household finances and national finances or international finances.

community.secondlife.com
 
2013-10-14 10:57:38 AM

GORDON: I remember when Bush was evil and the President was expected to work with a Congress of the other political party, not the other way around.  But, then, that was like 8 years ago.  Times are different now.


Yes, because democrats threatened a shutdown and default under bush. Oh and threatened to impeach.

Or not.

False equivalence is false.
 
2013-10-14 10:57:53 AM

vpb: There is zero chance of a default.  I don't think he would do in until the last minute, but I am sure Obama will disregard the debt ceiling if it comes to that.

A default would violate the 14th amendment and if the minute the debt ceiling makes that inveitable it becomes unconstitutional.


Which would kick of a host of constitutional litigation and doubt, as well as see the GOP finally having a thinly veiled reason to impeach him at the same time.

The markets and other world economies aren't going sit by idle when there's big questions of the validity of the issued debts and ability of the US to pay.  Invoking the 14th might starve off a world depression, but the dollar as a reserve currency will be finished, along with confidence in American markets and sovereign debt.   Meanwhile a triple shiat show at home of the GOP impeaching the president (theater), litigation on the constitutionality of it all (real questions), and the economy immediately going into another recession.

What amusing to me is that this is once again the GOP having to destroy something to prove their ideology.

They biatch and biatch about debt, deficits, and America going bankrupt; but that's just not how international markets work.  When the world economy went to shiat, demand for US debt skyrocketed and rates fell.  NO ONE in the market thought the US would EVER default either sooner or later, and see it as the safest place to put their money.  So much so, they were willing to pay a fee (negative interest rates) to protect their money from much larger contractions elsewhere.  Under no circumstance can the US go bankrupt in climate.  Businesses would LOVE to be in this position to leverage having to only pay back 90 cents for every dollar borrowed to build up capital investments.  It's like me going to the bank for a car loan, taking out a principle and having the bank MAKE ME monthly interest payments.

So, markets rebuffed the GOP's ideology because it's simply not how international finance or economics works, dur to our economy's size and due to our reserve currency status.  So they'll bankrupt the nation, screw over 50 years of being the world reserve currency, and destroy the world economy.  All so people pay attention to a deficit that's been falling at the fastest rate in 50 years, and debt that literally no one in finance or economics gives a shiat about beyond a phantom 50-80 year projection.

WW3 could start and end with a nuclear apocalypse in that time.  If we're worrying about things on that time scale, there's a dozen or so other things that are much more pertinent to worry about.
 
2013-10-14 11:01:51 AM
If you want the debt ceiling raised so badly then tell the Democrats to compromise

Once again, when two sides refuse to compromise at all standing around screaming and pointing fingers at only one of them just makes you look like an idiot.
 
2013-10-14 11:03:19 AM
Funny thing is, the tea party is already convinced that "fiat money" is inherently flawed and that leaving the gold standard doomed us all decades ago.
So their blowing up the currency is something of a self-fulfilling prophecy.

And you can be damn sure they're not going to feel any responsibility for it.
It will still be the fault of libs, immigrants, time-traveling Obama, et al.
 
2013-10-14 11:05:09 AM

MemeSlave: How can you have a paper currency as a reserve currency?


Simple, you are betting on the full faith and credit of the nation in question. Which is no less reasonable than hoping someone doesn't accidentally discover a method for mass-producing whatever commodity you have as a reserve.
 
2013-10-14 11:05:52 AM
We should just listen to what the POTUS said about raising the debt celling

We will not deafault on our payments, the gov takes in more than enough to pay the interest on our debt.... default talk is just scaremongering
 
2013-10-14 11:06:49 AM

TyrantII: Which would kick of a host of constitutional litigation and doubt, as well as see the GOP finally having a thinly veiled reason to impeach him at the same time.


I really hope Obama does cite the 14th and then I really do hope the GOP tries to impeach the first black President of the United States of America...

(with respect to my homosexual brothers and sisters)...

i0.kym-cdn.com
 
2013-10-14 11:09:51 AM

itsaidwhat: VendorXeno: itsaidwhat: Obama and his libtard sycophants are equally to blame by representing the do-nothing leaches of society.

Close to 90% of the people receiving some kind of federal assistance fall into the categories of working poor, retired or disabled, including veterans and the elderly, people who put in their time. To call them do-nothing leaches [sic] is one of the lowest! most insulting and disgusting lies a person can spread about their fellow citizens. When itsaidwhat employs this lie it demonstrates him to be a dishonest, stupid, hateful human being, one of the worst of us. This is the face of the right wing now, this ignorant malice and selfish dishonesty.

Yes. I work for a living. That makes me ignorant, malicious, selfish and dishonest.

I am rubber, you are glue...


It is your opinions as presented on this website that makes you look ignorant, malicious, selfish and dishonest, not the fact that you work for a living.
 
2013-10-14 11:09:54 AM

Joe Blowme: We will not deafault on our payments, the gov takes in more than enough to pay the interest on our debt


So the same people who (rightfully) criticize Obamacare's less-than-stellar exchange rollout now completely trust the same government to prioritize billions in debt payments. Neato.
 
2013-10-14 11:10:18 AM
Joe Blowme: We should just listen to what the POTUS said about raising the debt celling

We will not deafault on our payments, the gov takes in more than enough to pay the interest on our debt.... default talk is just scaremongering
 I really, really don't understand economics, or how the US government operates financially. In fact, I INSIST on being wrong. And I am proud of not knowing any better.

Tea Partier in a nutshell
 
2013-10-14 11:10:30 AM

Joe Blowme: We should just listen to what the POTUS said about raising the debt celling

We will not deafault on our payments, the gov takes in more than enough to pay the interest on our debt.... default talk is just scaremongering


The fact that there are people who actually believe this is what I find most scary about this whole situation.
 
2013-10-14 11:11:31 AM

odinsposse: DubtodaIll: I'm for default not because I think it will do any immediate good but that it will cause global reckoning.  Something needs to happen to jolt this nation out of the decades long cycle of continuing to spend more money than we have and creating a level of debt that is difficult to fathom.  Sure, things have worked fine under this system for a while, but the longer we attempt this mode of economics the worse the situation becomes.  I would rather see we work to fix our situation by normal means however I think that's far more impossible than the "impossibility" of the US defaulting on its full credit.  This Congress is so dysfunctional that it really brings in to question the validity of the system.  And maybe by some stroke of luck that dysfunction will force a situation where we're actually forced to face the consequences of the decisions that have been made in the past.
    I really don't know where I was going with any of this, but while a default would be an catastrophic situation, it may be what needs to happen now to ensure a survivable future.

Ah, yes the populist deficit hawk. SO concerned about our debt that they support a government shutdown that will cost us billions to undo. SO concerned that they support a default that will raise our interest rates and make our debt more expensive to service, effectively raising our debt. SO concerned that they support austerity measures that slow economic growth and thus hurt our debt to GDP ratio.

In short you can tell the populist deficit hawk from other deficit hawks because they are the only ones gullible enough to buy into ideas that directly and obviously work against their stated goal of reducing the debt.


I mean you if want to throw labels on things to make you feel better about your own positions that's fine but don't assume what I'm SO concerned about.  I just feel that if you're looking at the long-game the system we have is unsustainable in its current state.  I don't support this government shutdown.  I think it's a travesty that a nation as advanced as America is unable to have a government that can cooperate within itself.  I don't want the U.S. to default however it may be something that happens that turns out to be a positive influence on the way the country is ran. When will the debt be so big that we have to do something about it? Or that someone else does something about it? 20 trillion? 50 trillion? Where and when does it actually turn around except in a Congress that is so farked up they can't even keep the government open?  There's no better time than the present to actually put your house back in order. The only thing that has brought us to this point is the lies and denial that debt affords debtors.  The whole thing is a mess of the highest order.
 
2013-10-14 11:11:35 AM

jst3p: itsaidwhat: ....It is your opinions as presented on this website that makes you look ignorant, malicious, selfish and dishonest, not the fact that you work for a living.


For opinions to be valid, they have to be based in fact. Otherwise, they are not opinions, they are hallucinations.
 
2013-10-14 11:12:22 AM

AngryDragon: Detinwolf: The US dollar is the world's currency because of the world's (and American public's) faith in the US's ability to execute and its insane purchasing power.  .  Even Boner said that he would not let the US default, because even Boner, in his limited cognitive capacity, knows that the US economy is symbiotic with the world economy.  The world must have faith in the American dollar.

Even if we don't default, this could bring another credit downgrade.  That wouldn't be apocalyptic, but it certainly would have long lasting effects.

Think your student loan payments are high now?


Interesting thought. How will this affect existing student debt? I imagine the opposite. When the US dollar is worthless, people will have wheelbarrows full, making student debt easy to pay off.

Take note: This is exactly how we are going to screw over to the rest of the financial world (eg China) that we owe money too. We will repay our debt with container loads of worthless US currency. Yes, Made in America will be the new mantra because no one will export to us on credit but then again we make the wheat and we have the oil. Sure - the international money changers in NYC will get screwed. We won't have a faux cloud economy built on the Internet, cheap data, computers, texting, cell phones, electronics, etc. The true irony is how popular the national parks will again become as the populace seeks to escape the awful human mire of the future city. America will look like India. Warren Buffet was right to buy Norfolk Southern. We'll all be hanging off trains to escape the cities in decline (like Detroit).
 
2013-10-14 11:13:08 AM
I haven't read everything in this thread but has no one stated the obvious that as long as more money flows into the Treasury than exceeds the principle and interest payments on the debt there is 0% chance of defaulting?

Also has anyone questioned the logic of "Be able to borrow more money so you can pay us with borrowed money?"

Also for tl;dr:

at this point in time the only we default on our debt without raising the debt ceiling is if we choose not to pay our debts. We have the money in our hands. We just have to reach our hands out and give the money to them
 
2013-10-14 11:13:58 AM

SpectroBoy: VendorXeno: itsaidwhat: Obama and his libtard sycophants are equally to blame by representing the do-nothing leaches of society.

Close to 90% of the people receiving some kind of federal assistance fall into the categories of working poor, retired or disabled, including veterans and the elderly, people who put in their time. To call them do-nothing leaches [sic] is one of the lowest! most insulting and disgusting lies a person can spread about their fellow citizens. When itsaidwhat employs this lie it demonstrates him to be a dishonest, stupid, hateful human being, one of the worst of us. This is the face of the right wing now, this ignorant malice and selfish dishonesty.


nice troll, fact is they are do-nothing leaches - I would know I have roughly 50 tenants and all are on Federal assistance. Less than 25% worked their entire life, most don't even have a high school education - they worked a dead end job and did not bother to save any kind of money and now given free handouts because they didn't bother to attend career day in high school.

I have at least 10 that didn't even finish high school or have a job in over 10 years, and these are in their 40s collecting foodstamps and other assistance. Sleep well knowing your hard earned money goes to someone who refuses to pick up a shovel and do some god honest work for a days pay, instead our lovely government just hands out assistance to those who simply need to go out and earn their keep.
 
2013-10-14 11:14:01 AM

demaL-demaL-yeH: NewportBarGuy: There is no other reserve currency.

We'll just have a much weaker one thanks to Congressional Republicans.

We all wish this, but no.
Destroying the dollar as the world's reserve currency drags the Euro into oblivion, and the healthy economies of Europe crash. The UK? Yeah, no.
Japan and China crash right along with us.
No other economy is big enough, and none is independent enough of ours that it isn't dragged down, too.
You'll have a huge panic sell-off of financial assets affecting tens of trillions in investment.
What's on the line is global financial meltdown followed by a depression that makes that of the 1930s look like a minor sad.
There is no fallback.

/That's why the whole world is becoming increasingly strident about this.


So, saying that, what are the chances that middle eastern countries would use their oil reserves to step in and create a reserve currency? Yes, an oil standard; oil is a heck of a lot more valuable than gold. I know why we went off the gold standard, but do you think a world in deep doo is going to care about the niceties? Besides, controlling the money supply controls how much of a military the US can afford. Something I know they have a keen interest in.
 
2013-10-14 11:14:44 AM

Dimensio: RickN99: SpectroBoy: The Dem's position is "Pass a clean bill to prevent the impending disaster"
The GOP position is "No funding until we get our other demands met too."

Dems: Pass a clean bill and fund the entire government.
Obama:  We won't negotiate with the GOP about government funding until the GOP funds the entire government.
GOP:  We don't want to fund the entire government; THAT'S the issue.

GOP: We've passed bills to fund some parts of the government that we don't have an issue with.  Let's negotiate about the other parts.
Dems:  Nope. Meet 100% of our funding demands or nothing gets funded.
Obama:  Gonna veto them if they get to me.  Fund the entire government; then we'll negotiate about the funding.
GOP:  We don't want to fund the entire government; THAT'S the issue.

Currently proposed government funding levels are a direct result of Speaker John Boehner receiving "98%" of what he wanted. Current funding levels, therefore, are at Republican-desired levels.

The original Republican-passed spending bill did not change government funding levels; it served only to eliminate an existing law that they did not like, despite that law having been signed into law three years ago, surviving a Constitutional challenge and effectively surviving voter referendum when the President who championed it defeated a challenger who promised to repeal it.

Your argument is a lie and you are a liar for making it.


that's what happens when you pass a law without caring about where the money to pay for it comes from.
the money isn't there.
even the dems thing it's a bad law which is why they're granting labor unions and themselves exemptions from it.

bottom line: we as a country need to spend less money. the crux is that nobody wants to give up their own toys.
 
2013-10-14 11:14:49 AM

SpectroBoy:


Great illustration of how the Democratic Libtard cancer will be removed from the backs of hardworking Americans.
 
2013-10-14 11:15:30 AM

randomjsa: If you want the debt ceiling raised so badly then tell the Democrats to compromise

Once again, when two sides refuse to compromise at all standing around screaming and pointing fingers at only one of them just makes you look like an idiot.


The "both sides refuse to compromise so both are equally responsible" was the right's best play, but it isn't working.

sullydish.files.wordpress.com


But if the last election cycle taught us anything it is that once the right has decided on a strategy they stick with it regardless of it's ineffectiveness.


Good luck with that.
 
2013-10-14 11:15:33 AM

fluffy2097: NewportBarGuy: There is no other reserve currency.

We'll just have a much weaker one thanks to Congressional Republicans.

It's Ok. We can use Zimbabwe's currency as a reserve. They printed plenty of it. Look. With a single bill from Zimbabwe we could pay off our debt's multiple times.

[i.imgur.com image 850x421]
/yes, the dollar will be valued about this much if we default.
[www.goldonomic.com image 468x351]
/what paying for a happy meal will soon look like.



Wei, mar people should think of doing this.


/Sorry
 
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