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Another week has gone by and lawmakers still can’t figure out what to do with the debt ceiling. As the country comes closer to crashing into that daunting 14.3 million dollar mark, is a default imminent?
Euro Pacific Capital President Peter Schiff says it is a rouse that we are even discussing defaulting at all at this point. According to Schiff it’s inevitable, and if Congress was actually concerned that it wouldn’t happen then they would be frank about it.
Schiff says that the president and Congress should tell the people that “we will be honoring our debt” and that America will make cuts elsewhere. “But that’s not it!” says Schiff. He says that the best thing the country can do is not raise the debt ceiling, and if lawmakers are really conference about deficit spending, then “the only way to stop it is to stop it dead in its tracks.”
“These are only just excuses,” he adds.
According to Schiff, the talks of defaulting are only being used by lawmakers to justify raising the debt ceiling. But if we default? No big deal. “We are going into another recession regardless,” he says.
He also adds that America defaulted before in 1971 and the country managed to survive.
Schiff notes that defaulting isn’t an automatic consequence to not raising the ceiling, but with the Congress and the president refusing to come up with a plan, default seems only more and more likely.
Schiff says that America can eliminate the debt ceiling all together and that the entire debt will have to be restructured if the country wants to avoid massive inflation. In the meantime Schiff says that “anything that diminishes the appeal of the dollar will impact the United States.”
President Barack Obama and congressional leaders have agreed to resume the talks, which ended after 75 minutes, on Monday. Mr Obama is struggling to marshal support for a budget package that would cut the national debt by $4tn (£2.5tn). The US risks defaulting on its debts in just over three weeks, when the current federal budget runs out. Eight top Senate and House of Representatives leaders met - unusually - on a Sunday in the Cabinet Room of the White House. As the talks got under way, Mr Obama was asked whether they could "work it out in 10 days". "We need to," he replied.
Originally posted by Pervius
There was a house for sale for $30,000 and this family moved into it. It was found out that they didn't have a job but somehow got a mortgage for $180,000 on that $30,000 house. They put a little money into the house and lived off of their mortgage for a year or two.....now they are trying to sell the house for $190,000.
It's only worth $30,000.
Multiply that by a hundred million lazy thieves in America that did the same and robbed us blind.
Then add the 15 million illegals that got mortgages and did the same since they were given mortgage starting in 2005.....they all fled with their money from buying and selling homes between themselves. Hence why south of our border is BOOMING...that's where all our money went.
We've been robbed....we're still getting robbed right now.
Originally posted by St Udio
even if the debt ceiling is not raised... there will not be a default because our central bank, the Fed
will just issue moe printed money or just virtual money generated by digital placement of decimal points... making the $100.00 US Treasury balance magically turn into $1,000,000,000,000.00
Originally posted by Skerrako
Another week has gone by and lawmakers still can’t figure out what to do with the debt ceiling. As the country comes closer to crashing into that daunting 14.3 million dollar mark, is a default imminent?
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