America breaks the debt ceiling TOMORROW... for real now

China doesn't agreet to a weak dollar... they still want to keep their export edge and a weak dollar means more inflation for them.

Anyways.

Treasury Math: #Winning

We have a quick question for the Treasury Secretary: according to today's DTS, as of close yesterday, the Treasury had $14.274 trillion in debt subject to the ceiling of $14.294 trillion, or a $20 billion "buffer." To the best of our knowledge there were no redemptions today, and certainly none in the non-Bill pipeline this week. So, uh, how exactly did Tim Geithner auction off $32 billion today? (and plans to auction off another $40 billion tomorrow and Thursday)

They just don't care anymore. They just officially broke the debt ceiling but they don't care, they just ignored it or found some new maths that don't exist.

If the MSM had guts, they would talk about this 24/7 and call Geithner and Obama on this BS at the White House press conference till either they cry, admit to lying or leave.

But of course they won't do that because the MSM are sellouts.

And the latest bond auction wasn't good either.
Foreigners only bought 32.7% of the bonds, the third lowest number since January 2009.

how about we just not pay "our debt"?


does anyone know how we can do that?

reply to post by violence=answer

There will be no more loans for you to do anything then.

reply to post by MikeBoss


i dont want or need a loan

Originally posted by violence=answer
how about we just not pay "our debt"?


does anyone know how we can do that?

You cannot do that. If you do, you'll lose :

- Possibility to import anything (that means no oil imports)
- Dollar will become worthless overnight wiping out all your savings
- Inflation of MILLIONS OF %
- Unemployment of 50%+
- Riots everywhere
- Most corporations will leave America

Total breakdown of society is what's gonna happen if you say ``we don't pay our debts, screw ya all``...

why should we pay a debt we did not agree to?
if anything it will bring change
is that not what is wanted here?

can someone please tell me how we can just not pay "our debt"?

US Treasury: Winning The Future, One Math Failure At A Time

We just ran across a newswire headline that said what we have been warning about for about a month: "US Treasury auction to take US over debt ceiling on Monday." As a result, we took a look at today's DTS update, and indeed, come Monday's full settlement of this week's auctions, the jig is up. Prior to this week's $72 billion in auctions, total debt subject to the $14.294 Tr ceiling has risen to $14.280 trillion. There is no way the Treasury can cut $42 billion in debt next Monday (pro forma for the $16 billion Bill paydown settlement). Next up: panic.

It's gonna be fun.

No help from US Gold reserves. Why won't Geithner be selling our Gold ?

That's easy...probably because most of it is already gone, and what's left is most likely encumbered via illegal swaps & bullion bank leases

Treasury: No fire sale of gold to delay debt

NEW YORK (CNNMoney) -- This just in from the Treasury Department: The United States will not be unloading its nearly $400 billion stash of gold to delay hitting the debt ceiling.

At least not if Treasury Secretary Tim Geithner gets his way. - Full Text

Besides, the value of US Gold reserves against the US debt load, is like a pimple on a elephant's behind. This proposal is absurd.

reply to post by OBE1


Indeed. Even if the US has a little gold, which I doubt... I bet most of it is gold platted tungsten bars of gold and not actual 100% gold bars.

Thing is, it looks nice to people working at Fort Knox... but would never withstand a real audit.

reply to post by Vitchilo


Hi Vitchilo. I don't think it's common knowledge, but KPMG, one of the "BIG 4" audit firms has been conducting independent audits of US Gold reserves since 2005....and signing off on official inventories as the responsible party. Yikes! The audits include cyclical vault "inspections", but obviously KPMG doesn't actually count, weigh, and test 261.5 million ounces of Gold for purity Here's a link to the annual audits - PDF.

If you have time to check out the link, click on "United States Mint Annual Report 2010" and scroll to page 56. There you'll discover that the US Mint hedges it's Silver inventory [as of 2006] with an unidentified "trading partner". Under this arrangement, the US Mint maintains physical custody and title to the silver. This means the "trading partner" [my guess JPM] can't access this Silver to satisfy physical deliveries in the OTC market or Futures exchange, but could use it's interest in the US Silver stockpile to back Comex short positions on contracts that it intends to roll. As you already know, but others may not, maybe 5% of futures contracts are ever delivered upon...most are offset or rolled by expiration.

Anyway, didn't mean to sidetrack an interesting thread.

GL

where did our gold go when and why?

And now ``official``...

Treasury Confirms Debt Ceiling To Be Breached Today; Will Tap Pension Funds

It's official: the US credit card has officially been maxed out, just as we predicted on Wednesday, and througout Q1 and Q2. The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said. As Reuters reports further, The U.S. Treasury will settle $72 billion in maturing bonds on Monday, which will push the country right up against its $14.294 trillion borrowing cap, the official said. To all those who thought only the insolvent government of Ireland will plunder pension funds, our condolences.

But don't worry, as long as they raise the debt ceiling, you will see your pensions again....

So they supposedly have till August 2nd before TSHTF. They can keep on buying back treasuries and bonds with money from where again till then? I think its going to be a long hot summer.

Originally posted by Bordon81
So they supposedly have till August 2nd before TSHTF. They can keep on buying back treasuries and bonds with money from where again till then? I think its going to be a long hot summer.

From the pension funds... and if they don't raise the debt ceiling, then that money is gone forever.

They have two choices.

Don't raise the debt ceiling and cut the deficit to 0 = riots.
Raise the debt ceiling = no riots.

They will wait till the ``foreigners`` or ``speculators`` attack the bond market and cause interest rate to rise, so they'll be able to claim foreigners destroyed America, not them.

reply to post by Vitchilo

America breaks the debt ceiling TOMORROW... for real now

You mean in was fake before? A test run? Personally. I like reigning in our government spending. I see no problems that were already created by our elite government. The less the spend,the better..imo.

Well, sure they are gonna raise the debt ceiling. The ELITES want more and more. SO, with that said, I have a 100% true prediction and here it is. I predict that they WILL , raise the debt ceiling. I am 100% sure of it. That is what greedy peoples do. SO, how many out there believe me? I bet that 95% of a.t.s will agree with me, that they will raise the debt ceiling. Elites win every time when it comes to money. SO, china and all others we borrow from, just remember, the borrowing will never EVER, EVER stop. The GREEDY will always take and take and take and take and take and take and take and take.

Lets put things into perspective about the the U.S. debt. the current president, obama has spent during a little more than 2 years more money than all the presidents and their adminstrations combined since the creation of the U.S.

With the debt of well over 14 Trillion dollars this will give you the true since of what 1 trillion dollars is equivalant too.

1 Million Seconds= 12 days

1 Billion Seconds = 37 years

1 Trillion Seconds= 36,600 years

The debt on the backs of every man, woman and child is over $87,000.00 a piece. So folks to bring the debt down will be for the future of our children and ultimately our country. ^Y^

The powerful will never quit borrowing-take-steal. All they know is to take and take and take. They will drain you dry until you are left with nothing. So, sure they will raise the debt ceiling. I have no doubt at all that this will happen. I am 100% sure it will. They did it before and they will do it again. All they know how to do is suck you dry. They are the modern day vampires of society's ill. They will stop at nothing to do so. They do not care about you. They only there for themselves, because that is the kind of person they are. They are vampires and will drain the whole world dry if you let them. Knowone is powerful enough to stop them, so we will suffer. The whole world will suffer. So, get use to it. Just take it as it comes with vasaleen. You sheeple won't do anything anyways. So, with that said, I say goodbye to a very old friend. My good old U.S. of A. just got flushed.

It's Official: DTS Discloses Total Debt Hit Ceiling Yesterday; Government Draws On $14.3 Billion From Retirement Funds

While it won't be a surprise to anyone at this point, seeing it in black on white is about as startling as hearing that one's credit card has been denied. Yesterday, following the settlement of all of last week's auctions, total debt held by the public increased by$51.4 billion, just as we had predicted, bringing the total to $9.717694 trillion. And with the total debt subject to the ceiling maxed out legally by $14.294, Tim Geithner reported a total of $14,293,975 MM, $25 million away from the ceiling. What was the plug? Why "Intragovernment Holdings" of course, which declined by $14.3 billion. As Tim Geithner warned yesterday this is now money held in retirement trust funds, which is now being directly sacrificed in order to keep the ceiling from breach: "I will be unable to invest fully the portion of the Civil Service Retirement and Disability Fund (“CSRDF”) not immediately required to pay beneficiaries. In addition, I am notifying you, as required under 5 U.S.C. § 8438(h)(2), of my determination that, by reason of the statutory debt limit, I will be unable to invest fully the Government Securities Investment Fund (“G Fund”) of the Federal Employees’ Retirement System in interest-bearing securities of the United States." And as expected, once the debt ceiling is raised, the accrued shortfall will be filled, meaning upon a debt ceiling hike, which will come some time in July, total debt will explode higher, surging by about $300 billion in a few days.

Yay for government stealing pension!