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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 101
    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 (49 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

2013-10-14 09:35:04 AM
9 votes:

Misconduc: Sorry after being a democrat since Clinton - I side with the GOP over Obamacare. Honestly I could give a crap about how bad Obama has been as president,  but Obamacare really is something to fight against - forcing working people to pay for medical they cannot afford or need.


1. I am happy you have never been sick and are immune to sickness and injury, so let's make a deal - you don't have to pay for insurance and if you ever do get ill, you pay all costs out of your own pocket... no going to the ER saying you can't afford the bill... ok?

2. Apparently, you have been asleep during the entire time that the ACA was debated, implemented, found constitutional, etc... so let me fill you in... if you cannot afford it, you don't have to buy it. There are waivers. WOW, what a concept.

3. You need a primer on the purpose of insurance and how it functions. For real world examples look to Social Security Disability INSURANCE, or the billions of policies that exist for home, auto, health, etc.
2013-10-14 09:29:37 AM
9 votes:

NewportBarGuy: There is no other reserve currency.


Said the British seventy years ago.
2013-10-14 09:24:52 AM
8 votes:

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


Thanks for trying to beat GORDON for one of the stupidest comments in this thread so far.
2013-10-14 09:20:53 AM
8 votes:
If you are blaming one side any more than the other you aren't paying attention.
2013-10-14 09:19:58 AM
7 votes:
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.
2013-10-14 09:59:09 AM
6 votes:
scontent-a.xx.fbcdn.net
2013-10-14 09:32:37 AM
6 votes:

Misconduc: Sorry after being a democrat since Clinton - I side with the GOP over Obamacare. Honestly I could give a crap about how bad Obama has been as president,  but Obamacare really is something to fight against - forcing working people to pay for medical they cannot afford or need.


One thing's for sure: there are populist issues that appeal to people who generally side with one party or another, and on most of those issues (TARP, the stimulus, requiring health insurance), the common sense of the common folk is just ignorant and wrong. Everybody needs health insurance. Full stop. TARP saved the world economy from freefall, and the stimulus plan (while too small) is the reason unemployment is under 8 percent today.

Other dumb things that a LOT of people believe: the federal budget should be run like a household budget. The unemployed just aren't trying to find a job. There's a big welfare hammock that any lazy person can access.
2013-10-14 09:21:38 AM
6 votes:
Phhhht. Who cares about a couple billion foreigners? We have 30 or so teabaggers who need their egos stroked.
2013-10-14 09:17:14 AM
6 votes:

Nabb1: This is just insane.


The farking GOP, man.  Bunch of assholes.
2013-10-14 08:18:52 AM
6 votes:
I came in here to joke about how some people are probably stupid enough to think this would be a good thing, because they don't understand how economics work and just want to stick it to the furriners, and then I saw this:

dittybopper: 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.

So, you're saying that there would be some positive effects, then.

2013-10-14 10:10:14 AM
5 votes:

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.
2013-10-14 09:50:41 AM
5 votes:

Lost Thought 00: Even if the US "defaults", who would realistically step in as a different reserve currency? Who has a more stable economy these days? Certainly not any of the countries mentioned in the headline (and that's before their economies crater right along with ours)


The US is the world's reserve currency because we are stable.  If we default that is no longer the case.  There will then be no compelling reason to remain the world's reserve currency.  It wouldn't be overnight but you can bet 100% that if the US defaults, the Euro or the Yuan WILL replace the dollar at some point.

This whole thing is insane.
2013-10-14 09:23:38 AM
5 votes:

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.


Look, chucklefark, rubberstamping warrantless wiretapping is quite a bit different from tanking the world economy, so go kindly fark yourself with a cactus.
2013-10-14 09:51:09 AM
4 votes:

dittybopper: 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.

So, you're saying that there would be some positive effects, then.


Depends on how you define positive...


img.fark.net

The illusion is that we've got one party that is obstinate and another that is reasonable.  One that cares only for its own glory and one that loves us and wants to save the nation and the world we support.
 The reality is both sides are self serving wenches that really don't care what happens so long as they "win".

If the world really wanted to see a solution then they'd have Putin call the white house and negotiate a settlement. They'd drag both party leaders into a room at the UN and give them a stern talking to.
This chiding is just so other leaders can score points of their own. They couldn't care less if we default.

Politics is a game for our emotions, not a method of leadership. It can't be trusted to run a bank.
To which a default would be "positive" in a sense that, as a planet, we would be forced to rethink what debt means and how it should be managed. We would stop allowing blame to cover for poor leadership skills, and stop seeing grandstanding as a symbol of strength.People would pay more attention to the fine print than the headlines.

So, yes, there might be a silver lining to this. Famines and wars aside.

/A small fire now is sometimes better than a big one later.
/altho it would be best to avoid both entirely.
2013-10-14 09:49:40 AM
4 votes:

Misconduc: Sorry after being a democrat since Clinton - I side with the GOP over Obamacare. Honestly I could give a crap about how bad Obama has been as president,  but Obamacare really is something to fight against - forcing working people to pay for medical they cannot afford or need.


No, no, no. Trolling isn't just posting something patently wrong in the hopes people will correct you. You have to actually stoke the fires of outrage - maybe add a dash of racial tension or fake a persecution complex. Try implying that people who disagree with you are naively optimistic children or jobless moochers. Put some effort into it next time.

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.


Plenty of perfectly stable countries have higher rates of debt-to-GDP than us (Canada, the UK, Japan, etc). The absurd hysterical fearmongering over the national debt has so far been far more harmful than the debt itself, seeing as it has resulted in us cutting government spending during a recession, the absolute worst time to do so.
2013-10-14 09:40:08 AM
4 votes:

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


That's a load of crap.

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."

They are NOT equivalent. If Boehner brought a clean bill to a vote TODAY it would almost certainly pass. It is the GOP preventing that from happening.

So take your false equivalencies somewhere dumb enough to fall for it. Try freeperrville.
2013-10-14 09:36:50 AM
4 votes:

Slaxl: Misconduc: Sorry after being a democrat since Clinton - I side with the GOP over Obamacare. Honestly I could give a crap about how bad Obama has been as president,  but Obamacare really is something to fight against - forcing working people to pay for medical they cannot afford or need.

It's no longer about obamacare. It's your economic future. You cannot possibly think destroying your economy and angering the entire world is worth getting rid of Obamacare, can you?


I don't think you understand slaxl.

POOR PEOPLE ARE GETTING HEALTH CARE!
POOR PEOPLE ARE GETTING THINGS!

WE CAN'T HAVE POOR PEOPLE HAVING THINGS OR OUR RICH PEOPLE THINGS ARE WORTHLESS BECAUSE THEY ARE OWNED BY POORS!
2013-10-14 09:29:17 AM
4 votes:

Misconduc: Sorry after being a democrat since Clinton - I side with the GOP over Obamacare. Honestly I could give a crap about how bad Obama has been as president,  but Obamacare really is something to fight against - forcing working people to pay for medical they cannot afford or need.


It's no longer about obamacare. It's your economic future. You cannot possibly think destroying your economy and angering the entire world is worth getting rid of Obamacare, can you?
2013-10-14 09:27:30 AM
4 votes:
We default, different countries start selling off our treasury bonds, the dollar is devalued, more people see this, sell off more treasury bonds, the dollar drops more, ad infinitum. Crash. Not to mention the other countries raise our interest on loans, and Washington has to raise taxes to cover, thus taking more money out of our pockets, and effecting local economies. Just a bad deal all around.
2013-10-14 09:24:43 AM
4 votes:
This could end up costing some of the people who give the GOP the most in contributions a lot of money. I think this might be what finally makes them cut the Tea Party loose, but we'll see.

The ultimate sign for me that that has happened is if Fox News starts being really critical of the teabaggers. Then you know it's over, and Ailes got the memo.
2013-10-14 10:55:13 AM
3 votes:
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 10:30:17 AM
3 votes:

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.
2013-10-14 10:12:38 AM
3 votes:

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.
2013-10-14 10:07:26 AM
3 votes:
So why even have a debt ceiling if it is not going to be observed?

BTW Senator Obama voted not to increase it in 2006 when exact same situation came up.

No hypocrisy like liberal hypocrisy.
2013-10-14 10:00:42 AM
3 votes:

Gunther: The absurd hysterical fearmongering over the national debt has so far been far more harmful than the debt itself, seeing as it has resulted in us cutting government spending during a recession, the absolute worst time to do so.


The thing I like to point out is that people keep saying "Run the government like a business!" Well, if that's what we want to do (not that I recommend it), then we should continue carrying as large a debt load as we can support. Why?  Because debt is how you grow. When a government takes on debt, that government is spending with the anticipation that this debt is going to allow it to invest in the economy and grow. If our economy gets bigger, than the debt-to-GDP ratio shrinks.

To be concrete: let's say I run a pizza parlor. Like most restaurants, I'm barely scraping by. I haven't got a penny of spare cash at the end of the month. I want to expand my business- there are a lot of people out there who I could sell pizza to, but I can't afford a new oven, I can't afford to pay extra drivers, and I'd need a better phone system to handle the increased call volume. So what do I do?

I take on some debt. I get someone else- a bank, and investor- to give me money in anticipation that this money will let me grow my business. Debt powers economic growth. This "cash on the barrelhead" routine is delightfully simple, but it doesn't scale well to multi-million dollar transactions.
2013-10-14 09:57:17 AM
3 votes:

Slaxl: It's no longer about obamacare. It's your economic future. You cannot possibly think destroying your economy and angering the entire world is worth getting rid of Obamacare, can you?


Even more evidence that special interests have their fingers far too deeply interwoven in the U.S. government, on both sides of the political coin.

On one hand, we've got a multibillion dollar corporation (Washington Redskins) that's supposed to go to all kinds of expense to change its name because a handful of people that the name has absolutely no effect over suddenly have their panties in a manufactured wad over the name. Yet, a 2000-page travesty of a "healthcare plan" which is already offending millions and was hammered through with barely any review is supposed to stand simply because "it's the law". (If history is any  indication, so was slavery at one time.)
2013-10-14 09:27:09 AM
3 votes:

Misconduc: Sorry after being a democrat since Clinton - I side with the GOP over Obamacare. Honestly I could give a crap about how bad Obama has been as president,  but Obamacare really is something to fight against - forcing working people to pay for medical they cannot afford or need.


Too bad all of their attempts to repeal it have failed, which means that you have to suck it up, cupcake. If I had to accept the Iraq War as fait accompli, then you have to accept Obamacare.
2013-10-14 09:24:24 AM
3 votes:

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.


s2.postimg.org
/GOP negotiations... (POTUS is the dog btw)
vpb [TotalFark]
2013-10-14 08:26:14 AM
3 votes:
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.
2013-10-14 11:40:59 AM
2 votes:
www.angryflower.com
2013-10-14 11:06:49 AM
2 votes:

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 11:01:51 AM
2 votes:
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 10:57:35 AM
2 votes:
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 10:52:16 AM
2 votes:
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 10:31:37 AM
2 votes:

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.
2013-10-14 10:31:14 AM
2 votes:

ajgeek: Query: Would the US defaulting start a new World War? Is it possible that the people in charge want a war because of what it did to our economy last time?


Depending on how bad the depression/recession is, some countries might see it as a means to get at resources, but realistically, my concern would be rampant unemployment, especially with young people, and some kind of violent rioting and possible revolution occurring...
2013-10-14 10:09:32 AM
2 votes:

MilesTeg: So why even have a debt ceiling if it is not going to be observed?


No reason. There is no reason to have one.

MilesTeg: BTW Senator Obama voted not to increase it in 2006 when exact same situation came up.


Now you're getting it! The debt limit is an arbitrary number whose only purpose is to be used as a partisan hammer when the other guy's party is in the White House. It should be abolished. Bring back the Gephardt rule.
2013-10-14 09:59:52 AM
2 votes:

HAMMERTOE: Slaxl: It's no longer about obamacare. It's your economic future. You cannot possibly think destroying your economy and angering the entire world is worth getting rid of Obamacare, can you?

Even more evidence that special interests have their fingers far too deeply interwoven in the U.S. government, on both sides of the political coin.

On one hand, we've got a multibillion dollar corporation (Washington Redskins) that's supposed to go to all kinds of expense to change its name because a handful of people that the name has absolutely no effect over suddenly have their panties in a manufactured wad over the name. Yet, a 2000-page travesty of a "healthcare plan" which is already offending millions and was hammered through with barely any review is supposed to stand simply because "it's the law". (If history is any  indication, so was slavery at one time.)


Again, we see that Republicans have to actually lie for the basis for their beliefs.

Seriously, sweetie, lots of people are capable of using Google and finding out that you are lying. You should stop.
2013-10-14 09:58:47 AM
2 votes:

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


Let's see, one side specifically planned the shutdown over an unrelated law they already failed to scuttle. It takes the self centered ignorance of a centrist to ignore those facts and claim both sides are the same. Please stop trying to pass off your lazy stupidity as being somehow clever and informed.
2013-10-14 09:55:20 AM
2 votes:

ghare: The GOP WANTS this to happen. It's what they have planned for, for years. This is what they want.


i.qkme.me
2013-10-14 09:54:16 AM
2 votes:
Obama and his libtard sycophants are equally to blame by representing the do-nothing leaches of society.

I laughed when POTUS nazi'd the national parks and bank rolled his NPR media. What a joke to all of us that work for a living and don't have the time to waste gawking at a tree or a giant hole in the ground. And to the veterans regarding closed memorials - I don't need to stare at a monolith to be reminded of their sacrifice - I see that in everything that I am free and able to enjoy all around me. I and my freedom are not victim to any so-called shutdown.

When a "government shutdown" still leaves 83% of the (bottom feeding) public servants at work, then we have real problem with entitlements at the top and the bottom of society.

And to the foreigners afraid of our debt ceiling, you are welcome - to the financial shelter and stability our American enterprise has afforded you under your own years of tribunal unrest. Suck it up.
2013-10-14 09:53:57 AM
2 votes:

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


That's one of the stupidest things I've ever seen on fark.
2013-10-14 09:51:40 AM
2 votes:
The GOP WANTS this to happen. It's what they have planned for, for years. This is what they want.
2013-10-14 09:51:00 AM
2 votes:

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.


The constitution is just a piece of paper written by socialists. Except the Second Amendment, which was written by Jesus.
2013-10-14 09:47:11 AM
2 votes:
Clearly, these countries have never owned a small business.  You see, when a business has bills it needs to pay, it can either pay those bills or default on them.  The fiscally conservative way is to default on your bills.  That's how I run my small business, and why I'm voting for Ted Cruz.
2013-10-14 09:37:31 AM
2 votes:

Bit'O'Gristle: I'm no economist, but isn't our dollar value based and backed up by the gold in fort knox? Or am i mistaken.  Anyone?


Yes, you're mistaken. We have gold reserves, but they cover only a fraction of the value of printed currency, and a much smaller fraction of the total money supply. In much the same way that banks have deposits that cover only a fraction of their outstanding loans. It's a much better system of currency; otherwise, your money supply is limited to the amount of gold you can dig up.

We haven't been on the gold standard since 1933. Good riddance to it.
2013-10-14 09:34:09 AM
2 votes:

Bit'O'Gristle: I'm no economist, but isn't our dollar value based and backed up by the gold in fort knox? Or am i mistaken.  Anyone?


No.  It's backed by the full faith and credit of the US Government.  Gold is too rare and has too many industrial uses to make it worthwhile to back currency.
2013-10-14 09:27:38 AM
2 votes:
From WSJ:

"I guess that we could get lower in the polls. We're down to blood relatives and paid staffers now," said Sen. John McCain (R., Ariz.) said on CBS...
2013-10-14 09:26:40 AM
2 votes:

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


Bullshiat.  This is nothing more thank brinkmanship.  You what the danger is of standing on the brink on a regular basis?  Sometimes you go over.

These assholes should be in prison.
2013-10-14 09:22:00 AM
2 votes:
Well, uh, manifest destiny and American exceptionalism and YOU'RE NOT THE BOSS OF ME!

See, libulardos, Real Americans know how to deal with uppity foreigners. Because reasons. And Jesus.
2013-10-14 08:42:42 AM
2 votes:
This is just insane.
2013-10-14 08:01:54 AM
2 votes:
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.

So, you're saying that there would be some positive effects, then.
2013-10-14 06:37:17 PM
1 votes:
"Sorry you foreigners. We're too busy pledgin' and Patrotin' to hear you."
www.washingtonpost.com
2013-10-14 05:19:58 PM
1 votes:

odinsposse: impaler: So who do we believe? MugzyBrown, or the US Treasury?

Look, all we have to do is build a new system that handles all of the transactions of the American government with a new sub-routine that categorizes and prioritizes debt payments and stuff Republicans like over stuff flagged as "commie stuff" that won't get paid. By Thursday.

This is a great plan. Only Obama's stubbornness is holding it back.


Seems totally doable. What we need are National Budget Navigators to help the accountants at the Treasury pay the RIGHT people first, you know - like the Solybndra people.
2013-10-14 01:19:13 PM
1 votes:

LavenderWolf: So, how about you just switch to single-payer?

It is the cheapest method of health care known to mankind. Also the most effective.


How about NO! Because I work for my stuff and if poor people get something I work for then what I have isn't as good! What is the point of working hard if I can't look down on poor people?!?!


/seriously, single payer.
2013-10-14 12:42:13 PM
1 votes:
If you ever wondered if world economics was a sport, this should answer your question.

Somebody finally mentioned what this theatre is all about, IMHO.
The Dollar.

Not health insurance.
Not GOP stupidity, or DFL.

But, only thing I AM SURE of, it is all a lie.
2013-10-14 12:18:49 PM
1 votes:

pxlboy: I never understood why anyone would think an adjustable interest rate is a good idea. The rate goes up (and probably higher than is affordable) and you get hosed.


imgc.allpostersimages.com
2013-10-14 12:05:06 PM
1 votes:
Misconduc: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.


Nice, except you forgot to tell us about your supermodel GF, your five advanced degrees, needing to get to the gym in 26 minutes, etc.
2013-10-14 11:47:12 AM
1 votes:

Clemkadidlefark: AeAe: Nabb1: This is just insane.

The farking GOP, man.  Bunch of assholes.

F and U

The Democrats are Hell demon spawn Satan uses to directly destroy Mankind through corruption, death, lies and every form of sin ever known, and they will take down the USA until we become trash heap dwellers like Manila without whimsey.

The Republican Party began as Progressives.

Try not to be a simpleton carrying the water for fools and men of no honor.


24.media.tumblr.com
2013-10-14 11:44:16 AM
1 votes:

Elroydb: 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


The Treasury department writes millions of checks per day. It's automated. They've already said that they have absolutely no way to prioritize what debts to pay and what debts not to pay. They literally can't just write checks for treasury bond interest and/or pick other debts to pay or not pay.

Besides that, do you really want to be in a situation where SS checks aren't sent out, government contracts aren't paid, and many millions of people don't get the wages owed to them because they're working on contracts for the federal govt or working as part of the supply chain for people and companies doing govt contracts? It would be catastrophic.
2013-10-14 11:37:35 AM
1 votes:
I love how this is all working out exactly as I predicted.
2013-10-14 11:29:37 AM
1 votes:

Bit'O'Gristle: I'm no economist, but isn't our dollar value based and backed up by the gold in fort knox? Or am i mistaken.  Anyone?


The US dollar is not backed by gold. it's backed by "the full faith and credit of the United States of America", which USED to be absolute. But republicans are now whacking it with a stick hoping candy comes out.
2013-10-14 11:28:27 AM
1 votes:

The_Original_Roxtar: jst3p: The_Original_Roxtar: 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.

Which law are you referring to?

/please say Obamacare so that I can confirm my suspicion that you have no idea what you are talking about.

every spending/stimulus bill ever.


The deficit is shrinking.

images.bwbx.io

We are spending less:

moneymorning.com


The problem is being addressed, what is your problem with this?
2013-10-14 11:27:05 AM
1 votes:

Joe Blowme: Ok, tell me how we will default on a loan payment that say 60 billion/month out of 250billion/month income when by law that intrest has to be paid?


1. It's illegal
2. It's also impossible
3. The timing doesn't work
4. Prioritization doesn't solve the problem

Link
2013-10-14 11:17:27 AM
1 votes:

The_Original_Roxtar: bottom line: we as a country need to spend less money.


No we don't. Right now we should be spending money. Infrastructure, R&D, clean energy. The size of our debt is not a crisis. 5 years of 7%+ unemployment is a crisis. Fix unemployment, you'll fix revenues, you'll fix the deficit and debt. Not the other way around.
2013-10-14 11:10:18 AM
1 votes:
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 11:09:51 AM
1 votes:

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 11:05:52 AM
1 votes:
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 11:03:19 AM
1 votes:
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 10:53:14 AM
1 votes:

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 10:45:51 AM
1 votes:

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 10:44:43 AM
1 votes:

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 10:43:11 AM
1 votes:

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 10:41:41 AM
1 votes:
Well, goodbye economy. Thanks, Republicans.
2013-10-14 10:37:20 AM
1 votes:
media.cagle.com
2013-10-14 10:34:32 AM
1 votes:

moefuggenbrew: this vote basically was a GOP attempt to "compromise" by voting out a bill that has been singed - also known as a 'law'


Lots of things are laws, like the debt ceiling and the employer mandate.
2013-10-14 10:33:24 AM
1 votes:

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?
2013-10-14 10:23:36 AM
1 votes:

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.

[thechoicedrivenlife.com image 238x300]


You're trying too hard.

0/10
2013-10-14 10:22:43 AM
1 votes:

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


Say Fark Independents when they know Republicans are to blame.
2013-10-14 10:20:35 AM
1 votes:

Headso: I am curious if you have positions shorting all sorts of things and you are a big teabagger either very close to or in congress could you be charged with some crime if the default actually occurs?


Congress has exempted itself from insider trading laws.  And yes, there are congresscritters shorting US Treasury bonds.
2013-10-14 10:12:34 AM
1 votes:
I really hate farking autocorrect.
2013-10-14 10:11:04 AM
1 votes:

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


No, people like you are the ones who are not paying attention. To say that the Democrats are as much to blame as the Republicans for creating this crisis is completely dishonest and/or lazy.
2013-10-14 10:08:09 AM
1 votes:

way south: If the world really wanted to see a solution then they'd have Putin call the white house and negotiate a settlement. They'd drag both party leaders into a room at the UN and give them a stern talking to.
This chiding is just so other leaders can score points of their own. They couldn't care less if we default.


www.reactionface.info

way south: So, yes, there might be a silver lining to this. Famines and wars aside.


I hope you have some dried beans and a reverse osmosis still in with all those guns.
2013-10-14 09:59:09 AM
1 votes:

itsaidwhat: I laughed when POTUS nazi'd the national parks and bank rolled his NPR media.


Those CPB appropriations were approved by Congress in 2012. But go you.
2013-10-14 09:57:57 AM
1 votes:
itsaidwhat: derpderpderp


You get to vote with that brain, huh? This is why we can't have nice things.
2013-10-14 09:53:16 AM
1 votes:
Fark_Guy_Rob: ....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.

AHHAHAHHAAAAA you really think the Mitt Romneys of the world are going to raise your salary so it keeps pace with inflation?


HAHAHAHHAAAAAAAAHOHOHOHHEEEEHHEHEHHEHEEEEEEEHEHEHHOHOHHAAA
2013-10-14 09:53:11 AM
1 votes:

AngryDragon: Euro or the Yuan WILL replace the dollar at some point.


The euro very well may not exist in a few years, and the Yuan is so directly manipulated by the Chinese Government that no one would dare touch it for a reserve currency. Maybe the Yen or the Pound. That's all I can come up with as plausible alternatives
2013-10-14 09:51:18 AM
1 votes:
Meh.  This debt ceiling thing is like the boy who cried wolf... we've seen this go down to the wire before.  It's political theater, just like most of the other shiat they do.

As the saying here goes, "Wake me when..." we actually default.  Then I'll pay attention and worry again.
2013-10-14 09:49:41 AM
1 votes:

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


As a general policy, I would agree with you. In this specific instance, however, the blame rests squarely on the shoulders of the GOP. The GOP is throwing a hissy-fit because a bill they didn't like not only got passed, but held constitutional muster  and was protected from all of their attempts to repeal it. They are whinging children, upset that they're being expected to eat their broccoli and then go do their homework.

My general voting habits are to support third parties wherever possible (and write myself in when no suitable third party option presents itself).  However, based on the past decade, the Republican Party has put forth a compelling argument that I should vote straight-line Democrat at the Federal level. It doesn't  really matter- Pittsburgh is True Blue and won't be sending a Republican anywhere anytime soon.
2013-10-14 09:49:02 AM
1 votes:

Bit'O'Gristle: I'm no economist, but isn't our dollar value based and backed up by the gold in fort knox? Or am i mistaken.  Anyone?


The world collectively abolished the Gold standard during the Great Depression, mainly because the Great Depression was caused by the gold standard (or at least worsened to the catastrophic levels it reached)
2013-10-14 09:46:06 AM
1 votes:

Bit'O'Gristle: I'm no economist, but isn't our dollar value based and backed up by the gold in fort knox? Or am i mistaken.  Anyone?


Umm, our economy has been a fiat currency model since Nixon took the US off the gold standard in the 70's.
2013-10-14 09:45:29 AM
1 votes:
For Halloween, is Bohner dressing as Nero?
2013-10-14 09:34:35 AM
1 votes:

theorellior: NewportBarGuy: There is no other reserve currency.

Said the British seventy years ago.


They lost their entire f*cing empire. We have not. We will not. We'll just have a damaged reputation, the second largest economy, and the world's largest military. None of that will change with a breach of the debt ceiling because it is not permanent. Even if they breach it trying to get a deal, it will be reset and we will carry on.

It will just cause extremely negative reactions through the entire world financial system. But, we already did that with MBS in 2008. Different animal this, but we will retain the reserve status through it.
2013-10-14 09:30:57 AM
1 votes:
Gosh the farkers who green-light are not even trying a little to hide their political agenda anymore. 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. Tired, tired, boring....
2013-10-14 09:27:06 AM
1 votes:

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.


Bush IS evil. Guy caused thousands of deaths... lots of wasted money... etc etc... invented wmd charges...

Because "they wanted to kill my daddy"

Now that doesn't mean Obama is in the clear... he's not... he's a misguided ideologue that is damaging to the country... as is many of the people representing the country in DC.

Symptom of the two party system is that you end up with a bipolar government.

We need to partially bring in sortocracy to balance the country... not that it will ever happen.
2013-10-14 09:25:36 AM
1 votes:
Sorry after being a democrat since Clinton - I side with the GOP over Obamacare. Honestly I could give a crap about how bad Obama has been as president,  but Obamacare really is something to fight against - forcing working people to pay for medical they cannot afford or need.
2013-10-14 09:25:29 AM
1 votes:

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.


Like when Bachmann said they got what they wanted or when Boehner said it in the deal that led to the sequester
2013-10-14 09:22:31 AM
1 votes:
The TP wants us to default. Are there really people that haven't figured this out yet?

Any Democrat in front of a microphone since Bachmann said they got what they wanted and are excited should have repeated that line over and over
2013-10-14 09:22:30 AM
1 votes:
You know, an American might not try to assassinate the Congress men and women who put us in this corner because given our track record of re-electing these yahoos, we seem to be masochists. But a non-American doing the deed? I can see it. Maybe not a gun shot. But poisoning is a possibility. It will be interesting to see that if the country defaults if any of these people in Congress suddenly drop dead from mysterious heart attacks.
2013-10-14 09:21:16 AM
1 votes:

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.


I see this happening too, there's no way Obama would let it slide if the GOP kicked it off. But no matter what, the economy has been tarnished and back to recession here we go.

Either 2 ways this could play out: Massive GOP backlash for letting the debt ceiling come to Obama saving it OR Congress hungrily trying to kick Obama out for trying to save the debt ceiling via impeachment hearings or just general nuisance.
2013-10-14 08:22:18 AM
1 votes:

what_now: I came in here to joke about how some people are probably stupid enough to think this would be a good thing, because they don't understand how economics work and just want to stick it to the furriners, and then I saw this:

dittybopper: 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.

So, you're saying that there would be some positive effects, then.


One can hope he's joking, but with the jokers ascendant in the House these days, you can't be sure.
 
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