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US Treasury's Geithner says US to start "extraordinary" measures to stay under debt ceiling

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posted on May, 2 2011 @ 02:38 PM
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US Treasury's Geithner says US to start "extraordinary" measures to stay under debt ceiling


ransquawk.com

US Treasury's Geithner says US to start "extraordinary" measures to stay under debt ceiling
(visit the link for the full news article)




posted on May, 2 2011 @ 02:38 PM
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This is a big joke. Not raising the debt ceiling means NO DEFICITS... not default.

But no deficits means : GDP crashing by at least 10% in the next year + medicare/medicaid/social security BIG CUTS, end of wars, and taxes raising. Which obviously Obama doesn't want to see, otherwise he's kaput.

Also, the MSM ain't lying about the debt ceiling anymore :
Debt-Limit Deniers Don’t Buy ’Chicken Little’ Warnings

The government can hit the limit and avoid a first-ever default because that can only occur if payments to bondholders are actually missed. And those obligations, the Republicans say, can be met with the tax revenue that will continue to pour into the Treasury, regardless of whether Congress raises the borrowing cap. All of the government’s other bills -- including those for defense contracting work, office supplies and highway maintenance, and to cover federal employees’ paychecks -- are secondary, they contend, and can be delayed or cut without panicking financial markets.


So this BS that default is on the doorstep from Geithner will only be believed by those who can't do their own research and/or will believe anything Obama tells them...

Which makes the Bin Laden death announcement last night even more suspicious... (like we needed more proof it was BS)

``Hell, the president who killed Osama sure wouldn't lie about the debt ceiling now would he?.... If you say he's a liar, you're a traitor to America and you want the terrorists to win!``... are the obvious responses that will be coming from the sheeple if you question Obama.

ransquawk.com
(visit the link for the full news article)



posted on May, 2 2011 @ 02:45 PM
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Yet another issue which may be overlooked by the media generally - as they celebrate and sensationalize the recent report of Osama binLaden's killing.

Ah, for the days when editors worked for the papers instead of the conglomerated media owners!

It's simply amazing how the most celebrated, prestigious, and oft-praised people in our country have wrought this upon us.... and then muster the nerve to tell us it's our own fault.



posted on May, 2 2011 @ 02:50 PM
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I haven't a clue in the national fianancial sceen but I read this article today and I think someone interested in that field may enjoy.

Where Were You On Super Bowl Weekend?
tfmetalsreport.blogspot.com...

To me, sounds like a big ad to buy Gold and Silver. Am I wrong?



posted on May, 2 2011 @ 02:54 PM
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US Treasury's Geithner says US to start "extraordinary" measures to stay under debt ceiling


Um, like not spending so much?

Hell, my wife and I perform extraordinary measures every week.



posted on May, 2 2011 @ 03:01 PM
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I'm confused. The debt ceiling has already been raised for this year, correct? That means we're simply not going to go over what has been put into the budget for this fiscal year, or am I way off the mark? It was already projected that we'd need to have some sort of miracle decline in deficit lasting for several years by the IMF last year. I guess this is austerity in the U.S. then?



posted on May, 2 2011 @ 03:16 PM
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reply to post by beezzer
 



Hell, my wife and I perform extraordinary measures every week.


We really don't need to hear about your antics..
Your avatar is a rabbit..


But Geithner is scum..
People must be asleep if they don't know how dire the economic situation is in the US..
Pretty soon they'll be borrowing money to pay debt, if that isn't already happening..



posted on May, 2 2011 @ 03:18 PM
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Originally posted by backinblack
reply to post by beezzer
 



Hell, my wife and I perform extraordinary measures every week.


We really don't need to hear about your antics..
Your avatar is a rabbit..


But Geithner is scum..
People must be asleep if they don't know how dire the economic situation is in the US..
Pretty soon they'll be borrowing money to pay debt, if that isn't already happening..


I'm close to 50.

Trust me.

They are extraordinary measures.



posted on May, 2 2011 @ 03:23 PM
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"Extraordinary measures," i.e. "we're gonna stop subsidizing state debt and you will all be screwed in your districts. Just give in now like you know you will have to and don't make us go through this charade"



posted on May, 2 2011 @ 03:33 PM
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Originally posted by backinblack

....
Pretty soon they'll be borrowing money to pay debt, if that isn't already happening..


It is. we pay all our taxes so they can service the debt.... and then they borrow more to support wars, and associates in other countries (and corporations).... meanwhile Americans appear denied any sign of true relief from the burden .. or even meaningful redress.

From a certain perspective, the whole thing can be considered a revenue scam of the Supranational banking cartel... considering they have a legislated monopoly on currency, monetary policy, and interest rates.


edit on 2-5-2011 by Maxmars because: (no reason given)



posted on May, 2 2011 @ 03:36 PM
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reply to post by Maxmars
 


True..
I wonder if someone has worked out how many future generations will be paying for debt that was created before they were born??

Doesn't really sound fair...



posted on May, 2 2011 @ 03:42 PM
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Originally posted by backinblack
reply to post by Maxmars
 

True..
I wonder if someone has worked out how many future generations will be paying for debt that was created before they were born??

who says they will EVER pay it off ???
or at least we won't live long enough
to see it



posted on May, 2 2011 @ 03:45 PM
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Originally posted by beezzer

US Treasury's Geithner says US to start "extraordinary" measures to stay under debt ceiling


Um, like not spending so much?

Hell, my wife and I perform extraordinary measures every week.


Good response..You and about 200 million other families also



posted on May, 2 2011 @ 03:48 PM
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People just don't get it.

We can't stop spending, especially not suddenly without any planning and preparations.

We have the makings of a huge mess by July.

Not only could we totally lose the confidence of investors, we could bring tensions to a boiling point in the US.

They'll make cuts for sure, non essential cuts. Like welfare, medicare, social security, VA benefits, grants, etc.
Those benefits are bread and circuses. Without them we are going to see mobs of angry and probably violent people in the streets. Eventually if things are not brought under control there will be riots.

Meanwhile, the global economy could begin to go down in an epic downward spiral. The IMF, World Bank, FSB, and BIS will all be demanding the US either correct itself or begin massive financial reform including austerity measures.

In a worse case scenario, we could see the collapse of the dollar, oil prices skyrocket, and state governments collapse.

No one is going to bail us out. If we go down, we will take the world with us. There is no one to fill the vaccum that would be left if the US had to cut bases and forces overseas. With such a huge void in the world, wars on a scale not seen in sixty years would follow. No one would keep Pakistan and India in check. No one could stop China from going into Taiwan. North Korea would not be kept in check. The Arabs, Turks, Israelis, and Iranians could go into a free for all fight for the Middle East. Russia would go into Georgia. When the dust settled there would probably be mushroom clouds from Egypt to Korea.

In a worse case scenario, it wouldn't be a New World Order, but absolute chaos.



posted on May, 2 2011 @ 03:56 PM
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This is a thread I started back in 2006: Bill Gates: ''The ol' dollar, it's gonna go down.''

Ever since 2005, I have been saying that the US would collapse. I have been called a clown and my posts were by many Americans received with skepticism. The greatest and strongest economy in the world could never go down. However, history has learned that no empire is infinite.

Although it has been very satisfying to see all of those who called me crazy and worse, disappear, now it actually seems to become reality, I am getting pretty nervous.

They cannot turn this around anymore. What they do is too little, too late. I have always looked at this from a very rational perspective, without any fear, but the impact this is going to have on the world is going to be immense. I don't want to fear monger, but if there ever is a time to prepare, it is now.



posted on May, 2 2011 @ 04:25 PM
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I often wonder where I'd be incarcerated were I to run my personal finances as do the criminals in DC. Then again, you poor folks would be paying for my incarceration while the criminals continue to bilk you of everything they can.



posted on May, 2 2011 @ 04:33 PM
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reply to post by Mdv2
 


It can be turned around, we are not yet at the point of no return.

We could, like Japan, accumulate debt equal to 200% of our GDP.

We could raise the debt ceiling, but we need to plan and prepare for gradual cuts and drawdown overtime, say over the next four years. This would mean drawing down forces from Iraq, Afghanistan, and Europe, especially Europe.
We could also reduce the size of the nuclear arsenal and possibly the number of Carrier Strike Groups and B-2s. The use of automated systems and robotics would help eliminate some costs related to personnel.

At the same, Illegal immigration would have to be forceably brought under control. Work programs, community service, birth control and drug tests would have to accompany any sort of welfare or benefits.

The prison system would have to be reformed, meaning we house primarily violent offenders only. Many non violent crimes, especially victimless, would be reduced to fines. Capital punishment would have to be expedited, inefficient systems such lethal injection, gas chambers, electric chairs would have to be replaced by something like Nitrogen asphyxiation.

Drilling, offshore and in Alaska would have to be allowed, while buidling new refineries and exploring the Green River Formation for resource extraction.

Stronger ties between Europe and North America, politically and economically would also aid any turnaround. I would push for an Atlantic Economic Community.

Nationalization of resources could also be another avenue, the alternative would be high taxes on resource owning corporations. I prefer nationalization, along with an American Permanent Fund, similar to Alaska's with Citizen's Dividends issued annually.

Other options include a National Mutual Fund, where all revenue collected by the IRS would be deposited, providing a another annual Citizen's Dividend in addition to the resource dividend. The retirement age should be brought up to 70, along with various entitlements. A push for privatization of some government services should also be pushed, especially in education.

Thats just a few ideas, but we can turn it around. It will require sacrifice, but the sacrifice will be far less that what we will lose if we do nothing.



posted on May, 2 2011 @ 04:36 PM
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Originally posted by bozzchem
I often wonder where I'd be incarcerated were I to run my personal finances as do the criminals in DC. Then again, you poor folks would be paying for my incarceration while the criminals continue to bilk you of everything they can.

Nah.. They'd put your name on a ballot and make you a congressman



posted on May, 2 2011 @ 04:36 PM
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The USD has been within a dollar of its predicted collapse point of 71.88
on the dollar index in the last few days.
The biggs I am sure have their eye on that

This is about fleecing the treasury
then having a war to obliterate the back trail
like they did with building seven
which though it did not get its own plane,
collapsed anyway

don't worry about paying off the debt
they used real estate and your children etc as collateral




edit on 2-5-2011 by Danbones because: (no reason given)

edit on 2-5-2011 by Danbones because: (no reason given)



posted on May, 2 2011 @ 06:45 PM
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Originally posted by MikeboydUS

It can be turned around, we are not yet at the point of no return.


That's the spirit, I agree!

On specifics we differ; but the most important part of the messages is that hope is never lost.

In the end, the construct of money has to be 'forced' to survive this. It will take economist priests and mathemagicians, but it can be done.

Our true problem has never been the notion of commerce or trade, Keynesian (which I loathe) or otherwise.... our problem has been rooted in speculation from day one. It's realistic meaning is 'gambling' .

It's "not enough" to be a middleman between two entities in commercial trade to secure a fee for a living.... those entrusted to secure money for the economic engine (banks) want to be able to "risk" other people's money for their gain (although they do share a 'taste' with their clients of consequence.)

The problem is "money" is not yeast, it does not 'rise'. We have finite capital, and it does not "grow" except in a contrived sense. Sadly, the wealth holders refuse to accept that their should be any finite limit to their potential wealth. I don't feel uneasy about making that generalization because frankly, there are a paltry couple of tens of thousands who really hold virtually ALL the wealth.... even less, if you group them into families and [gasp] corporations (who are neither persons, nor human.) The collective 'beneficiaries' of these mega-corporation pseudo 'citizens' have the wealth split between them at roughly the same proportion as in reality... people's individual 'investment funds' can sometimes yield the amazing amount of 10% of what preferred stockholders and board members earn (don't forget the 'bonuses' contracted to 'attract' "the best people.")

Compile that 'distribution' of wealth with the ever popular creation of more and more 'corporate' citizens dedicated to conglomerating 'hedged' bets... add speculating on fragile dynamic systems' performance... (including betting on them to fail) and you have a terrible mess.



Even in the worst case scenario - the extent of misery will be more a function of what we decide to inflict upon each other.

The behavior of the money hoarding culture has engendered a predatory approach to profit, with the winners usually 'consuming' the losers or destroying them altogether. This can be sustained in an environment underpinned by currency. But if the 'worst case scenario' should come to pass, that kind of behavior becomes a much higher risk because losing doesn't mean starting from scratch... it may mean death. They'll not be trying to amass paper money - they will have to try and amass real things, like food, water, energy, shelter, medicine.... these are things you must have an army to defend. And unless they have billions of robot soldiers, they cannot win. For the most part "we" are their army.

Having this groundwork of 'mindset' behind me, I let me comment a bit further about one of your suggestions.


We could raise the debt ceiling, but we need to plan and prepare for gradual cuts and drawdown overtime, say over the next four years.


It is very true that the specter of 'defaulting' on the national debt is a political theatric. Going into deficit is not the end of the economic world, so we could certainly go to 200%.

But this plan obviously would not please the banking cartel.

They want to force, by supply-side control, a change in revenue flow across the globe.

With super-corporate entities in place, and the UN having achieved extended control of trade, they can control the odds in their gambling game, ensuring many more generations of "supranational governance."

The Banking empire is of money. Controlling the lion's share of the money makes them dominant.

We are NOT in control as long as those who determine monetary policy are the same people who benefit directly from how poorly it performs for us... their "consumers."




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