POLITICS: US: Debt to hit $8.2 trillion on Monday

Originally posted by CazMedia
This is basic knowledge of American government here, which is that CONGRESS CONTROLS THE BUDGET!!!!

Learn basic civics before you try to become a political analyst!!!!

Bush has the ability to VETO spending bills to get things under control so the debt ceiling would not have to be raised. He did not do that so this is partially his fault.

So over $8 trillion-

The American congress came up with what the Pres. wanted, not by them self as some tend to point to. Party lines-

At the low interest rate there is at the moment it will take two years before the this debt is returned. This is one of the reasons the dollar falls to its present level, discounting. No one is paying 100 cents on the dollar except Americans at their friendly bank. Investors are buying at a discount.

TodayNov 19 the US dollar traded at 81-84 that is not much more than a 15% discount. This is where the money really goes. 16% discount to buy, 19% to sell. www.refcofx.com...
The broker makes a little on every dollar with no risk or investment.

When Americans retrieve their dollars in two years at 100-103 to the EURO they will feel lucky someone didn't hold out until interest rates rise to 10%. If that happens just add 6 to each number. Still, for a debtor nation 16% isn't all that bad.

By that time the US debt limit will be somewhere around 11-12 trillion and the same 16% discount will be in effect IF there are buyers. If not, then discount to 19-22%.

2nd term pres. Is going to make a lot of banks very wealthy. Brown Bros.- CITI bank will probably be at the lead of the pack. American people will not care too much. Gas will only be around $2.40 gal. by then. America will have Afghanistan and the worlds #1 supply of opium! Not all bad for drug wars.

Originally posted by GrndLkNatv
who breaks the bank, bankrupts the US which means bankrupts the world. If he keeps spending money like a drunken sailor everything we have will be worthless. Today is the day to start buying gold, and lot's of it.

Break the banks, big deal. Nothing will be worth more or less in real value. Yeah buy gold that's never a bad idea and don't forget to keep a gun or two handy for when the Kings er I mean bankers sponsered army's come to take your house.


[edit on 19-11-2004 by outsider]

Let me add more fire to the post, now our nation own 70% after the deficit has been raised.

So let see how our nation is going to deal with this now. Already many programs in our nation will feel the impact of the deficit starting with medical research and social programs.

Don't worry is going to roll down the hill until it reach you in your own littler states and counties.

Here is an odd thing, the debt clock is actually going backwards. It shows the current 7.42 trillion debt going down, but the current fiscal amount climbing. How is this possible?

www.toptips.com...

[edit on 19-11-2004 by valkeryie]

Originally posted by valkeryie
Here is an odd thing, the debt clock is actually going backwards. It shows the current 7.42 trillion debt going down, but the current fiscal amount climbing. How is this possible?

www.toptips.com...

Read the explanation at the bottom of the page.

Old, high interest debt is paid off with newer lower interest debt- so the story goes anyway. Discounting of debt does not compute into this clock.

At the end of every quarter (3 months) this debt will reflect a more accurate picture. With current administration policies the debt will increase substantially.

What is a new tank going for ? 1 year later what is the tank worth?

Accountants love this stuff, the abilitiy to marginalize vast sums of wealth is an art form.

Every loss has a corresponding gain somewhere else.

[edit on 19-11-2004 by ludite]

Here is a paper that covers the topic in detail. It is 65 pages long, having some background in economics is benificial to understanding the paper.

[edit on 19-11-2004 by cryptorsa1001]

Quote: "Debt schmet....who's gonna come over and collect?"

It�s not about that! It's about Value! It�s about the "Dollar" Literally turning into the "Peso"! This is Disastrous!!!
Watch as all of you MAJOR INVESTMENTS (like say your House & Car) Dramatically Lose Value!!! This is Serious Stuff & MUST be Treated as such!!!

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I wonder what daily interest is on $8 trillion.

And I wonder where the money's gonna come from for the payments. ...Not from income tax on the outsourced jobs. Not from all the corporations who've moved their profitable stuuf to the Caymans and got tax breaks on the rest. Hmmm. It's a real poser.


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Originally posted by CazMedia
What about the first paragraph didnt some of you understand?

The senate voted along party lines today to increase the debt ceiling and passage is anticipated in the House by the end of the day. This was an anticipated post-election development. The debt ceiling will be raised by over $800 billion to $8.18 trillion dollars.

This is basic knowledge of American government here, which is that CONGRESS CONTROLS THE BUDGET!!!!
YET,
GrndLkNatv says,

George W. Bush may be the pres who breaks the bank, bankrupts the US which means bankrupts the world. If he keeps spending money like a drunken sailor everything we have will be worthless.

Then Marge chimes in,

I guess that is where the President is planning to get his money to attack Iran, in the future.

And cyberdude78 blindly follows along with,

Let's just hope in 2008 the US will vote for a president with a competent budget.

Back to marg misplacing buget control again with,

Mr. Bush has never known how to keep a budged probably in his life because daddy always came to the rescued; I wonder who is going to rescue him now.

Hmmm, now what can i infer from reading all this?
Either some people really are ignorant when it comes to understanding how our government really works
OR
that some people only interpret what they want to hear when they read a sentance that spells out WHO just raised the deficit spending limits, yet they overlook this to pass the buck to someone that doesnt control the budget.
OR
some people are soo blinded by party loyalty and hatred for the "other guy" that they can only ever spew their frustrations by trying to link every evil they see to their target person of hate, weather it will stick or not.

What other conclusions can a reasonable person reading this thread make about the seeming lack of understanding expressed here? (mabey that its ok to LIE to make a point?)
The article starts with "CONGRESS DID THIS" and yet several people jump from an act by congress to Presidential accountabillity? Its NOT the Presidents job to create or submit a budget, balanced or not...its congress's job (house and senate).

Debt schmet....who's gonna come over and collect? This nation has had debt before and will again....so have most of our housholds.....somehow things will keep going despite this debt.
But oh yeah i forgot
no thread is complete without a Bush bash.....

Learn basic civics before you try to become a political analyst!!!!

It seems that you have a little problem with comprehension here as well. The congress approves spending, yes. But the Executive branch develops (that would be the president if you didn't know) and presents the budget with how the money actually gets spent. With a Republican run congress who is in lock-step with GW, it is hard to make the argument that "Congress" is to blame for the largest government debt in human history. When you add the $4 trillion surplus that was in place when GW took office, any sane individual must consider, where the hell did $12, TRILLION dollars get spent in 4 years? I believe that unquestioned support of any politition is dangerous and of all contries on the planet, I would never have believed that it would ever be this way in the U.S. I guess that is what you get when 48% of the country now believes that evolution isn't true. Pretty soon they are going to want to take away electricity and stop women from voting. #.

The $US is already bankrupt, it has been since 1933 with the Federal Reserve Act. It reorganized its financial structure to private banks to avoid liquidation. Every Federal Reserve Note, or commonly known as a dollar bill, represents the debt owed to the private bankers behind the Federal Reserve System. All this money that we seem to be going in debt with does not represent anything. The US creates this money and then spends it. The only thing that our economy is dependent on is how much others in the world trust our money.

My guess is that the breaking point will be somewhere around 250 trillion or roughly 1,000,000 per person which is the average exchange rate when birth certificates are used as security.

The Truth Stinks - no? It has a Stinky Rotten smell to it!!!

I depart with George Bush Math = Endless WAR + Endless Tax Cuts =
$500 Billion Dollar Budget Deficit & GROWING!!!