US debt default 'by end of month'?

Jimbuna · 02-03-14, 05:12 PM

Will this merrygoround ever end?

Quote:

US Treasury Secretary Jack Lew has warned the US may default on its debt by the end of the month if Congress does not raise its borrowing limit.

http://www.bbc.co.uk/news/world-us-canada-26021640

Tchocky · 02-03-14, 06:16 PM

It's not hostage-taking when everyone can see you don't have a gun.

Platapus · 02-03-14, 07:17 PM

It seems that it is only an issue when there is a Democrat as POTUS.

Skybird · 02-03-14, 07:21 PM

Tchocky · 02-03-14, 07:27 PM

It's not always a great idea to read someone with whom you agree completely, but over the years I've liked Jonathan Chaits writing on this.

http://nymag.com/daily/intelligencer...reat-ever.html

Rockstar · 02-03-14, 08:25 PM

Quote:

Originally Posted by Jimbuna

Will this merrygoround ever end?

CZDH ZPYC ZQXV FFWG PDSZ YQKI WJNR QMVT ATPM VKOY UTSG DMER PDQQ FQXE JSWR AM

Enigma M4; plugboard QW,ER,TY; reflector C; rotor settings GAMMA 01-J, I 10-J, III 9-I, II 21-U; ring SUBZ.

Yes I am bored

Oberon · 02-03-14, 10:05 PM

gg, nextmap

STEED · 02-04-14, 06:51 AM

There is more chance jim running stark naked though Manchester than America defaulting.

Skybird · 02-04-14, 07:37 AM

As long as politicians are allowed to have their hands on the money printer, it all will constantly become worse, because more delaying time can only be had at the cost of getting an even greater burst at the end. and that end will come one day. Delaying is not avoiding. Until then politicians, to save their skins, will do any lie and dirty trick and manipoulation and damage and crime they can in order to push the pay day beyond the end of their career time.

Politicians allowed to print money/introduce paper money/found central banks, are the killing knife stab in the back of any idea about a functional society, big or small. Keep politicians and money separate, at all cost. Shoot every politician trying to gain control of the money. Because if you let him get away with it, he destroys the fundaments of civilised society.

Every playing child counting its candies knows that it cannot consume itself rich, but can only become rich by saving them. Economic investments done on the basis of credits, are not producing wealth that could last, but they build illusions of "being rich". Only investments of previous savings can achieve lasting wealth that grows in the long run. Any other claim - is a cheat, a trick, a lie. Yes you can blow up m,onumental illusions and deceptive facades: and end up with Facxebook producing nothign, but nevertheless beeing hoeplessly overrated a thousand times. Imagine a world where the curerency would not be meaningless leaves of paper, but gold or silver: and Facebook would just be a minor company of very limited monetarian value. When judgement day comes and debt and paper currencies of today collapse, all those incredibly clever people holding shares of companies like this, will experience a very hard and brutal wake-up to reality. They will own shares of a company that produces nothing of value. And a share of nothing is - nothing.

That was illustrated and proven by wise minds already 50, 60, 70 years ago. The reaction of politicians: total ignorance of the unwelcomed news, and a total turning towards Keynes instead, the high priest of illusions supporting the dream of an everlasting party.

But last time I passed the kitchen door, the smell from undone washing-up and rotting mold already threw me to the floor and almost killed me.

Keynes, no matter how irresponsible and narcissistic he was, knew very well that his theory - if one dares to call this loose collection of confused ideas and absurd imaginations a theory: I do not, for sure - could not work. His reply to the question of how it all will end in his system, became legendary: "In the end we're all dead." And it were no biologic facts he referred to.

Wolferz · 02-04-14, 08:16 AM

Pay no attention to the man behind the curtain.

The great and powerful Oz has spoken.

Pisces · 02-04-14, 08:35 AM

Huh? The year barely started! Shouldn't budgets last longer?

Armistead · 02-04-14, 09:37 AM

When you can print worthless money at will, no need for a default...not to be compared to collapse which will certainly eventually happen.

STEED · 02-04-14, 10:55 AM

Print paper money today.

Tomorrow we go boom.

We get the same old BS here...Is this world wide?

Tchocky · 02-04-14, 11:41 AM

I certainly refuse to be paid in paper money.

Everyone knows it's worthless.

I'm so clever.

Jimbuna · 02-04-14, 11:56 AM

Gold and diamonds for me if you'd be so kind

02-03-14, 06:16 PM	#2
Tchocky Navy Seal Join Date: Jul 2004 Posts: 5,874 Downloads: 6 Uploads: 0	It's not hostage-taking when everyone can see you don't have a gun. __________________ [SIGPIC][/SIGPIC]

02-03-14, 07:17 PM	#3
Platapus Fleet Admiral Join Date: Oct 2006 Posts: 19,365 Downloads: 63 Uploads: 0	It seems that it is only an issue when there is a Democrat as POTUS. __________________ abusus non tollit usum - A right should NOT be withheld from people on the basis that some tend to abuse that right.

02-03-14, 07:21 PM	#4
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 42,629 Downloads: 10 Uploads: 0	__________________ If you feel nuts, consult an expert.

02-03-14, 07:27 PM	#5
Tchocky Navy Seal Join Date: Jul 2004 Posts: 5,874 Downloads: 6 Uploads: 0	It's not always a great idea to read someone with whom you agree completely, but over the years I've liked Jonathan Chaits writing on this. http://nymag.com/daily/intelligencer...reat-ever.html __________________ [SIGPIC][/SIGPIC]

02-04-14, 06:51 AM	#8
STEED Lucky Jack Join Date: Jan 2006 Location: Down Town UK Posts: 27,695 Downloads: 89 Uploads: 48	There is more chance jim running stark naked though Manchester than America defaulting. __________________ Dr Who rest in peace 1963-2017. To borrow Davros saying...I NAME YOU CHIBNALL THE DESTROYER OF DR WHO YOU KILLED IT!

02-03-14, 10:05 PM	#7
Oberon Lucky Jack Join Date: Jul 2002 Posts: 25,976 Downloads: 61 Uploads: 20	gg, nextmap

02-04-14, 07:37 AM	#9
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 42,629 Downloads: 10 Uploads: 0	As long as politicians are allowed to have their hands on the money printer, it all will constantly become worse, because more delaying time can only be had at the cost of getting an even greater burst at the end. and that end will come one day. Delaying is not avoiding. Until then politicians, to save their skins, will do any lie and dirty trick and manipoulation and damage and crime they can in order to push the pay day beyond the end of their career time. Politicians allowed to print money/introduce paper money/found central banks, are the killing knife stab in the back of any idea about a functional society, big or small. Keep politicians and money separate, at all cost. Shoot every politician trying to gain control of the money. Because if you let him get away with it, he destroys the fundaments of civilised society. Every playing child counting its candies knows that it cannot consume itself rich, but can only become rich by saving them. Economic investments done on the basis of credits, are not producing wealth that could last, but they build illusions of "being rich". Only investments of previous savings can achieve lasting wealth that grows in the long run. Any other claim - is a cheat, a trick, a lie. Yes you can blow up m,onumental illusions and deceptive facades: and end up with Facxebook producing nothign, but nevertheless beeing hoeplessly overrated a thousand times. Imagine a world where the curerency would not be meaningless leaves of paper, but gold or silver: and Facebook would just be a minor company of very limited monetarian value. When judgement day comes and debt and paper currencies of today collapse, all those incredibly clever people holding shares of companies like this, will experience a very hard and brutal wake-up to reality. They will own shares of a company that produces nothing of value. And a share of nothing is - nothing. That was illustrated and proven by wise minds already 50, 60, 70 years ago. The reaction of politicians: total ignorance of the unwelcomed news, and a total turning towards Keynes instead, the high priest of illusions supporting the dream of an everlasting party. But last time I passed the kitchen door, the smell from undone washing-up and rotting mold already threw me to the floor and almost killed me. Keynes, no matter how irresponsible and narcissistic he was, knew very well that his theory - if one dares to call this loose collection of confused ideas and absurd imaginations a theory: I do not, for sure - could not work. His reply to the question of how it all will end in his system, became legendary: "In the end we're all dead." And it were no biologic facts he referred to. __________________ If you feel nuts, consult an expert. Last edited by Skybird; 02-04-14 at 07:52 AM.

02-04-14, 08:16 AM	#10
Wolferz Navy Seal Join Date: May 2007 Location: On a mighty quest for the Stick of Truth Posts: 5,963 Downloads: 52 Uploads: 0	Pay no attention to the man behind the curtain. The great and powerful Oz has spoken. __________________ Tomorrow never comes

02-04-14, 08:35 AM	#11
Pisces Silent Hunter Join Date: Dec 2004 Location: AN9771 Posts: 4,904 Downloads: 304 Uploads: 0	Huh? The year barely started! Shouldn't budgets last longer?

02-04-14, 09:37 AM	#12
Armistead Rear Admiral Join Date: Dec 2008 Location: on the Dan Posts: 10,880 Downloads: 364 Uploads: 0	When you can print worthless money at will, no need for a default...not to be compared to collapse which will certainly eventually happen. __________________ You see my dog don't like people laughing. He gets the crazy idea you're laughing at him. Now if you apologize like I know you're going to, I might convince him that you really didn't mean it.

02-04-14, 10:55 AM	#13
STEED Lucky Jack Join Date: Jan 2006 Location: Down Town UK Posts: 27,695 Downloads: 89 Uploads: 48	Print paper money today. Tomorrow we go boom. We get the same old BS here...Is this world wide? __________________ Dr Who rest in peace 1963-2017. To borrow Davros saying...I NAME YOU CHIBNALL THE DESTROYER OF DR WHO YOU KILLED IT!

02-04-14, 11:41 AM	#14
Tchocky Navy Seal Join Date: Jul 2004 Posts: 5,874 Downloads: 6 Uploads: 0	I certainly refuse to be paid in paper money. Everyone knows it's worthless. I'm so clever. __________________ [SIGPIC][/SIGPIC]

02-04-14, 11:56 AM	#15
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 190,539 Downloads: 63 Uploads: 13	Gold and diamonds for me if you'd be so kind __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!!

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