Geithner says U.S. could hit debt limit by March 31

reply to post by EarthCitizen07


Not the IMF and the World Bank, but the BIS. They are top dog.

The fact that barely anyone on ATS knows anything about the BIS, tells me most people here don't do their homework and let Alex Jones tell them what he wants you to hear.

The Amero is dead. We are going straight into a Global Currency Unit and not 30 years from now, much much sooner, when the Euro and the Dollar collapse.

The BIS already has its assets in SDRs and all transactions between the central banks through the BIS are in SDRs. This makes the SDR already a de facto world currency. The BIS Financial Stability Board and the G-20 already comprise a de facto world government. Its here right now.

reply to post by Expat888


Expat888

Can't let you have the SoL without a fight...... my bid is in Icelandic Kronas

229.291 IKR

Your Move

PDUK

reply to post by etshrtslr


Didn't this balanced budget happen under Clinton in the Mid 90's. THere is therefore a precedent. so it is at least doable.

reply to post by sonofliberty1776


I disagree. This is not socialism. This is social democracy. Any party is free to act as you see fit but peer behind the curtains if you can get past the lobbyists, and the Nimbies, special interest groups and the politics with their public smiley faces behind which lies private greed.

What I can see is still a dictatorship. and it will hurt!

reply to post by tiger5
Social Democracy is just "socialism lite". SD is considered by most only a stepping stone to full socialism. So at best you have a specious argument.

If we are that close to the debt ceiling, then let's do what every bad credit card user does.....Let's max out our credit card by buying something really nice for ourselves and then let's default and declare bankruptcy. It's the American way

Seriously, the ceiling is imaginary...we will keep going and going.......Then when we can't go any further, then we will have to relearn how to take care of ourselves.

reply to post by PurpleDog UK

Ya not getting it that cheap hehe am up my bid to 20 renmimbi and a red bean pau

reply to post by Expat888


Arggh......... I'm NOT a UK Banker so you've got me there !!

Back to saving for a tank of fuel then ....

Cheers

PDUK

[atsimg]http://files.abovetopsecret.com/images/member/f21198cb8ee4.jpg[/atsimg]

Bids will start at 100,000 Cobra Digital Gold Credits.

I went to usdebtclock and put a stop watch marking how long it took to accumulate 10 million debt. It was a second off of 6 mins, so I used that figure for simplicity sake.

1440 minutes in a day, 1440/6 =240 times this happens per day.

2.4 billion per day.

Current debt is 14,011 billion according to usdebtclock

So 2,89/2.4 = 120 days.

There's only 84 full days remaining until March 31st.

That means if the figures are anywhere near accurate from that site, and we stay at this rate, we're in the clear.

reply to post by PurpleDog UK


Whew.. Thats a relief.. Had bid my life savings an my lunch ... Hehe..

reply to post by MikeboydUS


Drat.. Not got cobra gold credits.. How bout a couple bottles of the local brew from the villagers and a shiny rock I found at the river ?

They'll raise it by a massive amount.

That way they don't have to do this again for a short while.

As long as the US still has military assets in stretegic spots around the world and has thousands of nukes, the country isnt going anywhere.

THERE IS A REASON WHY RUSSIA SURVIVED AFTER ITS COLLAPSE. NUKES!!

The US will always be relevant and who cares who the US owes money too. Who's gonna make the US pay up? China could try to collapse the US but the US would nuke them to oblivion first. NO ONE CAN MAKE THEM PAY UP PERIOD.

There's other factors to consider.

The baby boomers start to retire this year. It's estimated that there could be 10,000 baby boomers retiring per day. Just going by the estimate (not actual birth records) 1,000,000 people could retire by May 10.

Also we have probably enough tax cuts expiring this year to to cancel out any chance of a return from the IRS.

Let's not forget the price of oil has been going up steadily. There could be a chance that we will see another price jump possibly making prices gas rise to $4-5/gal.

If I had to make a guess I'd put an end of days scenario between raising the debt ceiling and the million man milestone.One way or another our wallets will be emptied this year that is for sure.

Originally posted by sonofliberty1776
reply to post by tiger5

 

Social Democracy is just "socialism lite". SD is considered by most only a stepping stone to full socialism. So at best you have a specious argument.

Actually it is you who miss the point. Social democracy is a system of voting and democratic. Hence A social democratic country can vote in Fascists as happened in Europe. Confusing but true. The American social democracy (complete with lobbyists) will not allow radical spending cuts that are needed. a few cosmetic cuts but nothing significant.

This is nonsense. The Fed can always print money even without the authorization or knowledge of Congress and voila, the US has money again.

There can be no default in payment unless the Fed runs out of ink to print money.

reply to post by wavemaker


Yes but what is the effect of just printing money. Firstly the value of the dollar may fall due to the negative publicicty also supply and demand. I also believe that that additional money will also appear as a distortion in the trends of the money supply equations used by economists.

Secondly are we still not borrowing against the future which is a bad thing?

Originally posted by belidged
There's other factors to consider.

The baby boomers start to retire this year. It's estimated that there could be 10,000 baby boomers retiring per day. Just going by the estimate (not actual birth records) 1,000,000 people could retire by May 10.

Also we have probably enough tax cuts expiring this year to to cancel out any chance of a return from the IRS.

Let's not forget the price of oil has been going up steadily. There could be a chance that we will see another price jump possibly making prices gas rise to $4-5/gal.

If I had to make a guess I'd put an end of days scenario between raising the debt ceiling and the million man milestone.One way or another our wallets will be emptied this year that is for sure.

The BIS is recommending the US, Japan, and other first world nations push the retirement age back and/or cut back on medicare/social security.

If we default in March, people are not going to be retiring until 70.

Even then there wll probably be a real push for retired people who can't support themselves to be given placebos in place of prescription medications.

I don't see the government wasting money on euthanizing people, but they won't waste money on keeping them alive either.