there are a lot of players in this world that would love nothing better than to see America collapse. and unfortunately, there are Americans going along with that plan
Look at it this way.
If we have to raise the debt ceiling in order to prevent defaulting on loans, (and we have no plan to decrease our spending) then we are just delaying the default, not stopping it.
We are in default RIGHT NOW
And the world has not ended.
Economies have not blowed up!
beezzerThe debt ceiling rise is in order to provide more social programs, more government intrusion, more controlling authority, more TSA, more NSA, more DHS, more drones, more wars, more dead and dying, more illegal aliens, more food stamps, more subsidized housing, more welfare, more pork barrel projects, more losses of freedoms, more spying, more government!
* First, a team of lawyers was put to work to ensure that losses in the banks were not absorbed by the public sector. In the end, the public sector did of course have to step in and ensure the new banks had adequate capital, but it was insulated from vast private sector losses. This was a major achievement.
* Second, the initial focus of the program was exclusively on stabilizing the exchange rate. Here, we reached for unconventional measures, notably capital controls.
* Third, automatic stabilizers were allowed to operate in full during the first year of the program—effectively delaying fiscal adjustment. This helped support the economy at a time of severe strain.
* Fourth, conditionality was streamlined and focused on the key issue at hand—rebuilding the financial sector. While there are some issues in the broader economy where reforms will eventually be needed, these were not a part of the program
reply to post by AnonymousCitizen
problem is, China (and russia) and Japan and Germany and the UK will dump the bonds as soon as word gets out they can't be repaid.
Bond rates will go through the ceiling, and inflation will not be too far behind.
All hail the Weimark US