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United States "dangerously close" to defaulting on its debt. Thoughts/Opinions?

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posted on Jan, 5 2011 @ 06:06 PM
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Originally posted by Whereweheaded
reply to post by Shenon
 


Not necessarily true. According to this article, there is already a currency in the works, maybe even ready to be implemented.


Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthetic paper currency issued by the International Monetary Fund.” As the Telegraph reported, “the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body.



By doing this, they are able to basically establish this new currency, and those who jump on the wagon train decide the fate of their country. Of course the US will attempt to stand firm to the belief that the USD stills has value, but once the big players of the globe drop the recognition of the USD, that's a wrap boys!



Problem would be that it couldnt be manipulated to get rich...now that wouldnt be nice,would it?




posted on Jan, 5 2011 @ 06:11 PM
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From what I can gather the national debt, as of right now (Jan. 5th, 2011) is roughly 14.1 trillion. The ceiling is at 14.3 trillion.


Federal debt is crawling ever closer to its $14.3 trillion limit, drawing a warning from the president's chief economist, Austan Goolsbee. If Congress leaves the borrowing cap where it is, he told ABC's This Week yesterday, the United States could default on its current debt obligations and spark economic catastrophe. Goolsbee said a failure to raise the ceiling would mean a "worse financial economic crisis than anything we saw in 2008."



Source

Looks to me like this is going to be inevitable. Why isn't this in the news more? I would figure it would be a top story on every night?
edit on 5-1-2011 by ohiotim2112 because: more to say





defaulting is preferable to a long, painful slide that will only postpone the day when the United States returns to economic and financial health. By doing it now, he contends, the nation could swallow all the bitter medicine in one big gulp, and get on with rebuilding.

Source
edit on 5-1-2011 by ohiotim2112 because: (no reason given)



posted on Jan, 5 2011 @ 06:12 PM
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reply to post by Whereweheaded
 


It is ok. I often think that people give China too much credit for being powerful. Another idea is that maybe we will not even know of the change, like some back door dealing that people are unaware of. I am still skeptical of the one currency idea because of American pride. I think that the powers that be in the U.S. will not let the power go.
P.S, I like the thread OP and flagged. I am in no way trying to derail your thread. It is when people start talking like the U.S. is useless or gone that I get a little offended.



posted on Jan, 5 2011 @ 06:29 PM
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Increasing the Debt Ceiling = Dollar gets dumped down,other Nations consider strongly to drop the Dollar,because he is getting more and more worthless = slow Death

No Increase/bickering in the Congress/House for ahwile = fast Death (that is more likely to happen i think)

Screwed either Way,me thinks



posted on Jan, 5 2011 @ 06:49 PM
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reply to post by ohiotim2112
 

Easy solution would be secession from the United States, leaving D.C. holding all that debt. I don't know if it would fool them though, most likely China and them OPEC chumps we tried to cheat and stiff would nuke or enslave us all anyhow, and deservingly so. It's probably time to start thinking about abandoning the ship, no need for the prudent and precautionary folks to go down with the idiots that ran this old barge aground (i.e. those that sucked more from society than they contributed).



posted on Jan, 6 2011 @ 01:52 AM
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For the money that is owed to China benjaminfulford.typepad.com...

For the money that is owed to the Fed and other Central Banks of America, tell them the jig is up and refuse to pay any more interest on the money. There is a big scam going on when you look at where money comes from and how it is distributed. A few extremely wealthy people are making mountains of money by collecting the interest from money that is rightly the property of the Government, not a private company. It is this imbalance that has lead to the declining standard of living for the people and social infrastructure. The small group of people that have been trusted to manage the economy put their interests before that of the Nation.

It is good to see more people taking an interest in this. Do your research and find your answers, things are a mess and it needs all the help it can get.



posted on Jan, 6 2011 @ 10:09 AM
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throwing my 2 cents in how can the debt be repayed. I have been deeply contemplating this, here is my opinion. Our grand government gave credit to people who should never had recieved it. They bailed out the wall street Greedys, banks auto makers, McDOnalds fast food restaurant ect ect ect...How did they bail them out, depleat every last cent america and americans have, make new money, and lastly borrow up the ars from china. Obviously the repay wont happen, we citizens have noting to near nothing left to take, social security and medicare have been rapped to the end of the barrell. Um consider this, we are so far in unattainable debt, One World Currency could change all this,the talk on one world currency has been out there more recently, myself I see this all tieing into NWO. maybe it was the real reason the government is doing this to america?



posted on Jan, 7 2011 @ 06:47 AM
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reply to post by ohiotim2112
 


Wasn't it dangerously close 7 months ago, but then they just promised to pay Rothchilds (I mean the Federal Reserve) another 2 Trill, and then everything was just Honky Donkey

It is interesting how it took 200 Years to owe the first 1 Trillion on Bank Americard, and now it only takes 7 Months to add another 1 Trillion Pesos. The economy must be really booming along.


Is anybody taking any bets on how much they are going to jack it up by?, if there is put me down for 1.5 Trillion Pesos.



posted on Jan, 7 2011 @ 06:51 AM
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reply to post by skeptic_al
 


The first Trillion is always the hardest so they say.....



posted on Jul, 11 2011 @ 09:30 AM
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it blows my mind the amount of garbage that gets pushed to the front page of this site and yet threads like this that are in fact the reality of whats going on is ignored. only because the very morons who think they are awake are too busy starring and flagging threads about bloody aliens that probe rednecks that are created by trolls to avoid these very same issues. IF the owners of this site gave a dam about integrity and true knowledge they would shut down the troll posts and bump these posts. THATS what you do in a free press. you dont let the flock dictate the direction they move. anyway back on topic.


www.guardian.co.uk...

this just in. well it was in last week but check it out anyway. this issue needs as much coverage as possible.



posted on Jul, 11 2011 @ 09:33 AM
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The U.S won't default.

They aren't that smart.



posted on Jul, 11 2011 @ 09:37 AM
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Has anyone painted a Chinese Jesus Christ yet?

If so... they'll definitely know it when our 'Saviour' arrives



posted on Jul, 11 2011 @ 09:39 AM
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This is a bogus crisis. The solution is obvious to anyone who understands what the Constitution says. The US Treasury has the right to issue it's own paper currency. Lincoln did it to pay for the Civil War, without having to borrow the money. Kennedy ordered Treasury to do it a month before he was killed.

The Federal Reserve currently owns about $2.7 trillion of US government debt. Another solution would be if the FED were to give back that debt to the US Government, which would then have a lower NET debt and therefore would have room under the existing debt ceiling to issue more debt if it does not want to print it's own, interest-free currency.

Congress either isn't aware of these options, or is afraid of the backlash from the banking community. I'm inclined to think the later is the case. What needs to happen is for the media to bring these options into the public consciousness but we know why that won't happen, right? The media is owned by the same vested interests, that also own the Federal Reserve ie. international banks and their allies.



posted on Jul, 11 2011 @ 09:49 AM
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Originally posted by Studenofhistory
This is a bogus crisis. The solution is obvious to anyone who understands what the Constitution says. The US Treasury has the right to issue it's own paper currency. Lincoln did it to pay for the Civil War, without having to borrow the money. Kennedy ordered Treasury to do it a month before he was killed.

The Federal Reserve currently owns about $2.7 trillion of US government debt. Another solution would be if the FED were to give back that debt to the US Government, which would then have a lower NET debt and therefore would have room under the existing debt ceiling to issue more debt if it does not want to print it's own, interest-free currency.

Congress either isn't aware of these options, or is afraid of the backlash from the banking community. I'm inclined to think the later is the case. What needs to happen is for the media to bring these options into the public consciousness but we know why that won't happen, right? The media is owned by the same vested interests, that also own the Federal Reserve ie. international banks and their allies.


and what resource are you going to use to back up that currency? You dont make anything anymore and you dont have any gold in your reserve.. so again i ask what EXACTLY is it that you have to offer the world??



posted on Jul, 11 2011 @ 09:56 AM
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Originally posted by Rockdisjoint
The U.S won't default.

They aren't that smart.


lol the USA is not a single entity. there is no such thing as the usa, its a bunch of greedy industrialist playing a tug of war for power. the middle class are just peasants with money. trust me its not beyond the psychopaths to bring it crashing down. in their eyes there are too many peasants with growing wealth to rival their own. they will reset the game crash the market but still retain enough money to start at the top of the food chain. the poor dont care because they are already in the mud but the rich and middle class will feel it bad.



posted on Jul, 11 2011 @ 10:15 AM
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reply to post by TiM3LoRd
 


What's backing up the Federal Reserve Notes that pass for currency now? Nothing. So printing their own currency instead of borrowing 'money' that the FED printed out of thin air makes no difference.



posted on Jul, 11 2011 @ 10:28 AM
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Originally posted by Studenofhistory
reply to post by TiM3LoRd
 


What's backing up the Federal Reserve Notes that pass for currency now? Nothing. So printing their own currency instead of borrowing 'money' that the FED printed out of thin air makes no difference.


except for inflation



posted on Jul, 11 2011 @ 10:39 AM
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Originally posted by religiousmurder
well the president is more than likely purposely destroying the US dollar


This.

And don't be afraid. Be happy it's happening. Think of all the people that will learn a lesson, and will step out of the Matrix

But don't support the plan they will propose to you. That.. Well that is the start of the NWO..



posted on Jul, 11 2011 @ 10:51 AM
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reply to post by TiM3LoRd
 


If the government is forced to shut down due to failure to increase the debt ceiling, then it will be a Depression and deflation that will be the problem. There is nothing magical about the FED. If they can manage the money supply without runaway inflation, then so can the US Treasury.



posted on Jul, 11 2011 @ 11:02 AM
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Originally posted by PubertySpider001

Originally posted by religiousmurder
well the president is more than likely purposely destroying the US dollar


This.

And don't be afraid. Be happy it's happening. Think of all the people that will learn a lesson, and will step out of the Matrix

But don't support the plan they will propose to you. That.. Well that is the start of the NWO..


correct me if im wrong but the reason the world is a heaping pile of steaming dung right now is because of optimism and the mentality that its all good. i do agree its great that change is afoot. as to people learning a lesson? dont make me laugh. the morons will trade one fantasy for another.

the nature of the beast is to live a life of delusion which is why it was easy to con the sheep to begin with. they are too trusting and gullible it is their nature. they need to go through great suffering before they learn any lesson and anyway the lesson will be forgotten by the 3rd generation just as we forgot the lessons our grand fathers learned. well some of us did.



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