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U.S. debt default unimaginable, creditors say

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posted on Jun, 8 2011 @ 07:36 AM
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reply to post by Vitchilo
 


If the government just stop paying private interest for just one week it will make enough to come out even, in America the government pays out to private interest first before it pays the military and the social entitlements, because private interest owns America.

A default never will happen the government and private interest will keep borrowing at the expenses of tax payer money and entitlement programs as usual.

Americas economy is nothing but an illusion, that cannot longer be call prosperity


edit on 8-6-2011 by marg6043 because: (no reason given)




posted on Jun, 8 2011 @ 08:12 AM
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China warns U.S. debt-default idea is "playing with fire"



U.S. Republican lawmakers are "playing with fire" by contemplating even a brief debt default as a means to force deeper government spending cuts, an adviser to China's central bank said on Wednesday. Any form of default could destabilize the global economy and sour already tense relations with big U.S. creditors such as China, government officials and investors warn.

Li Daokui, an adviser to the People's Bank of China, said a default could undermine the U.S. dollar, and Beijing needed to dissuade Washington from pursuing this course of action. "I think there is a risk that the U.S. debt default may happen," Li told reporters on the sidelines of a forum in Beijing. "The result will be very serious and I really hope that they would stop playing with fire."

China is the largest foreign creditor to the United States, holding more than $1 trillion in Treasury debt as of March, U.S. data shows, so its concerns carry considerable weight in Washington. "I really worry about the risks of a U.S. debt default, which I think may lead to a decline in the dollar's value," Li said.

The U.S. Congress has balked at increasing a statutory limit on government spending as lawmakers argue over how to curb a deficit which is projected to reach $1.4 trillion this fiscal year. The U.S. Treasury Department has said it will run out of borrowing room by Aug. 2.

If the United States cannot make interest payments on its debt, the Obama administration has warned of "catastrophic" consequences that could push the still-fragile economy back into recession.

"It has dire implications for the economy at a time when the macro data is softening," said Ben Westmore, a commodities economist at National Australia Bank. "It's just a horrible idea," he said.


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posted on Jun, 8 2011 @ 12:00 PM
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My gawd.. This is all so laughable. Anybody who has bought anything on credit knows what a hassle it is to beg and plead just to miss one payment even for good reason. Or take it a step further, say you owe the US government money, see how many hoops you have to jump through on that deal. To the person on the other end of that phone, you are a piece of crap because you don't have your finances in check, and none of it is their problem. I truly enjoy seeing these jack-tards sweat. Let them have a taste of hardship. The saddest part is none of them would be sent to prison like we would for racking up this kind of debt.


Screw economic meltdown, bring it. I stand to lose alot, more than I've ever had before (still not much in the grand scheme of things), but it will be worth it to see so many wake up from their materialistic stupor. I have faith that after a brief chaotic panic, the American people will find themselves. We will go back to helping one another, a little barter and trade. Communities will band together and people will focus on helping one another live with less. Everybody just go out and wave and smile at a stranger today. And just hide a little hope away that on the other side of this mess there will be friendship, and good times.



posted on Jun, 8 2011 @ 03:06 PM
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reply to post by Bobaganoosh
 


The probles is that while we the working class will take any meltdown, the ones on the top elite are the ones to lose the most when their fake wealth goes away, that is why we the working class were forced to pay for the mistakes, for now on since the biggest bailout to the rich at the expenses of the tax payer was forced we will be paying out for ever every time they are to lose their wealth.

Because the whole America economy is base on lies, deceptions and sugar coated numbers.



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