Yep that time again....more debt ceiling talk and how "catastrophic" it will be if it isn't raised, the same story each and every single time....the big scare and what will happen to the economy if it isn't raised and all that garbage talk....let's get it straight for the 8 millionth time, no need to talk about how catastrophic it will be since EACH and EVERY single time the debt ceiling threshold is reached they raise it by more trillions.... there will never be a time that they won't raise it...the US is addicted to debt and spending, that's it....if they really wanted to fix the debt crisis they would actually default and fix the problem, but why do so ...just create panic headlines about what will happen if it's not raised and then with the click of a few buttons just days before economy defaults the crisis is diverted.... "The U.S. actually surpassed its official debt limit at the end of 2012, but it has been suspended and reset multiple times over the years, most recently on March 15. The national debt currently is $19.84 trillion, compared to the $19.81 trillion limit." Failure to raise debt ceiling would be 'more catastrophic' than Lehman collapse, S&P says Failure to raise the debt ceiling could have worse consequences than the collapse of Lehman Brothers during the financial crisis, S&P economist Beth Ann Bovino said. The ceiling already has been breached, but the Treasury Department has been using extraordinary measures to keep the government open. Bovino said if no agreement is reached, the government will shut down and the economy will suffer. https://www.cnbc.com/2017/08/30/deb...re-catastrophic-than-lehman-s-and-p-says.html
They just can't do it. The government is the protector of the status quo. I'm positive the government can survive without the banking system, all countries in modern history did for thousands of years without a technical banking system. It's fluff, considering Americas position in the world. You take America out of the equation and you have many countries ridding themselves of our form of "capitalism." What do you think will happen if we default on our imaginary debt? SSI checks won't go out, military won't get paid, gov workers won't get paid.... etc. And, riots riots riots. The banks in power know better than to bite the hand that feeds them(the people.)
This time will not be called CDO. Something else - Which is backed by one of the largest AAA rated asset owners. The Chinese would have to acquire most the them reluctantly. Considering potentially what will be the future worth of the US currency deposits being kept on hand. Besides, owning some states like Alaska may be not a bad idea!
Not wishing to rub it in a bit BUT one can only wonder how the US politicians ever got such a rich country to the state it is now in. Pure incompetence for decades. Just throwing away its wealth in useless foreign policies abroad and rubbish policies at home. Yes why not build stupid walls that will no doubt be non leak proof etc. Promote cities like Detroit on how not to run a big, once prosperous city.
Agree... you think where was the beginning of this setback and how come it just snowballed to what it has become today....it seems there is no worry in the world any more...as long as they keep raising the debt ceiling and have the fed printing trillions to back up any crisis then why worry, it's always rainbows and butterflies....
Perhaps VAT could help. Figure-wise. The US is the only country that doesn't have VAT type tax. During the first year of implementation of VAT, the tax is a provisional entry, therefore the IRS would receive in advance. That means much more than normally received money. Also increase a big number of jobs, due to a lot of paperwork required for the whole nation.
A lot of people still treat politicians vey favourably. What they say is often half truths or worst still, lies to get more votes. They should be treated with the contempt they deserve and held to their promises by the people.