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Republicans Are Pushing For A "Brief" Default As China Warns US Is "Playing With Fire"

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posted on Jun, 8 2011 @ 10:24 AM
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Zerohedge ...
Republicans Are Pushing For A "Brief" Default As China Warns US Is "Playing With Fire"

Reuters ...
Republican mainstream flirts with brief default


An increasing number of Republicans do not believe the Obama administration's dire predictions of economic "catastrophe" if the debt limit is not increased. They argue a period of technical default can be managed without plunging markets into chaos.



"I have yet to meet one Republican who actually says a failure to raise the debt limit scares them," Frum said. "It is deeply, deeply troubling the number of Republicans I now talk to -- and I include the mainstream -- who think a technical default is manageable.


Reuters ...
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.


Well here we are ... they are actually talking default which I think is inevitable. IMO we can raise the debt limit and kick the can further down the road but eventually the US government will go bankrupt. What do you think?



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

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




posted on Jun, 8 2011 @ 10:28 AM
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reply to post by MegaMind
 


It sucks but i think its best if we default NOW instead of waiting and having it hurt more later down the road.

Lets just get it over with and start over now
edit on 8-6-2011 by camaro68ss because: (no reason given)



posted on Jun, 8 2011 @ 10:28 AM
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"Brief default" ...
that's like "partial meltdown" right?



posted on Jun, 8 2011 @ 10:30 AM
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Group-think psychobabble for the quassi-fiscally minded.

The article would have been better if it was like this:

U.S.: Debt ceiling up, down, up, down, ... DEFAULT!

China:


Good song if you haven't heard it in awhile.

Rand Paul's plan sounded the best out of them all. If we would have implemented it already, we wouldn't be playing this game and seeding the fields for the next world war.



posted on Jun, 8 2011 @ 10:48 AM
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It’s kind of oxymoronic to say or warn of a dire catastrophe if we don’t increase our credit limit and extend ourselves more. So when we hit the debt ceiling again after we increase it will it be Super dire or catastrophic next time?

Sorry bank I maxed out my credit card and can no longer pay the payments. Can you extend my credit limit so I DON’T DEFALT? Lol yeah right.



posted on Jun, 8 2011 @ 10:55 AM
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So Obama urges Europe and bond holders to bail out Greece and pledges US support (is that a code word for money?). My question is who is going to bail out Spain? Then Europe as a whole? Then the US?

That light at the end of the tunnel is a train!!

‘Bankrupt’ claim heightens Spanish debt fears


The central Spanish region of Castilla-La Mancha is “totally bankrupt”, according to the incoming administration of the rightwing Popular party (PP), an accusation that will deepen concerns about Spain’s budget deficit.


Welcome To The Mini "Greece" That's Inside Spain


The deficit in Spain's second largest region, Catalonia, is two times the size that the incoming nationalist government expected to find, after booting the socialists from power.


Euro May Fail if Spanish Economy Collapses, Nobel Winner Pissarides Says


The European Union doesn’t have the resources to rescue Spain if it “collapses,” an event that could lead to the end of the euro, Nobel Prize-winning economist Christopher Pissarides said. A collapse would be “a very serious problem,” Pissarides, who teaches at the London School of Economics, said at a forum in Beijing today. Such an event “might even see the end of the euro as a common currency,” he said.


Europe will fall like dominos ...
edit on 8-6-2011 by MegaMind because: (no reason given)



posted on Jun, 8 2011 @ 10:57 AM
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there may come a day when the us will be able to pay back their debts to other nations by giving those nations contracts for resources in lands that have been conquered by the war machine.



posted on Jun, 8 2011 @ 10:57 AM
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Originally posted by kalunom
"Brief default" ...
that's like "partial meltdown" right?


Exactly my thoughts. Fukashima was also a "partial" melt-down in the beginning if I remember correctly.


Bottom line: This p*ssing match between political parties must stop in order for our financial situation to improve. It is clear that each side would rather make the other look bad in order to propagate the 2012 elections. Funny fact: My children have more productivity within their arguments than todays politicians.

I agree with Camaro too.... let it default! If the ceiling increases it only puts the US in more debt. Debt that the citizens of this country end up paying for throughout several generations, if in fact for some miraculous reason it ever gets paid off.

I for one cannot stand by and allow these fools in office to be so irresponsible and selfish without voicing my opinion. They are liars and thieves, not only to the American people, but to the world. And China seems to see that clearly also.



posted on Jun, 8 2011 @ 11:01 AM
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Originally posted by camaro68ss
Sorry bank I maxed out my credit card and can no longer pay the payments. Can you extend my credit limit so I DON’T DEFALT? Lol yeah right.


Great analogy. We can't pay down our debt. Our unfunded liabilities are somewhere around 50 trillion and growing. We have been taking Social Security payments to help fund the government but what happens when more is taken out of Social Security than put in? i.e. baby boomers.

I hear some say raise taxes. So how is our economy going to come back to life with even less net income in the hands of consumers after government takes an ever larger cut?

There is no way out of this without the destruction of the US dollar and American economy.



posted on Jun, 8 2011 @ 11:05 AM
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Originally posted by lewman
there may come a day when the us will be able to pay back their debts to other nations by giving those nations contracts for resources in lands that have been conquered by the war machine.


Perhaps ... but will it be enough or just like Greece and other nations will our debt will be paid back by giving our creditors OUR national resources and pledging our grandkids' income to them?

Fire sale of Greek islands, Acropolis ....
Greece should sell islands to keep bankruptcy at bay, say German MPs

----------------------

lewman, your avatar really cracks me up ...

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

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

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



posted on Jun, 8 2011 @ 02:59 PM
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I'm sure our Republican (and Democrat) friends will bow to their corporate bosses who have essentially left for China...along with all of our jobs....which is who they reassured after their vote to not raise the debt ceiling that they had "nothing to worry about."

Amazing hmm...the Capitalists sure LOVE doing businesses in COMMUNIST countries....eh?
edit on 8-6-2011 by David9176 because: (no reason given)



posted on Jun, 8 2011 @ 03:22 PM
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Lets just default, what's the worst that can happen?


^Serious question.
edit on 8-6-2011 by Rockdisjoint because: (no reason given)



posted on Jun, 8 2011 @ 03:31 PM
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I doubt the Repubs have the testicular fortitude necessary to follow through on this concept and not raise the debt ceiling. We'll see real soon, but I for one am pulling for them to not raise the debt ceiling.
We can't kick the can down the road anymore because the road has ended due to lack of funds to extend it.



posted on Jun, 8 2011 @ 04:01 PM
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I know I shouldnt have got that mortgage with Abbey, spain will default soon after greece.



posted on Jun, 8 2011 @ 05:03 PM
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Originally posted by David9176
Amazing hmm...the Capitalists sure LOVE doing businesses in COMMUNIST countries....eh?
edit on 8-6-2011 by David9176 because: (no reason given)


They aren't capitalists, they are fascists. Both China and the U.S. government.

Capitalism would have made sure that anyone who needed a bailout would have got the shaft instead. Failures fail in capitalism. With our system now, if a banker defaults, they get an extra credit line at 0.01% interest or free (and secret) cash support.



posted on Jun, 8 2011 @ 08:13 PM
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Care to guess the real purpose of the Somali pirates?
Care to guess why Joseph Estrada of the Philippines was deposed?
Care to guess why the US have to be both in Iraq and Afghanistan?

Hint: it's to surround someone.



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