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Apocalypse ---> What happens the day after we hit the debt ceiling?

 
Kimchi
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04/22/2011 08:25 AM
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Apocalypse ---> What happens the day after we hit the debt ceiling?
''When a debt ceiling is reached, the Treasury Department is forbidden from issuing additional Treasury securities in order to pay the nation's financial obligations. Geithner sent a letter to Congress earlier this month identifying May 16 as the probable date that the Treasury Department would have to start choosing which bills it would pay since it could not issue more debt.''

[link to washingtonexaminer.com]


Isn't the purpose of the debt ceiling to prevent spending too much money? They are raising the ceiling again and again, they should just get rid of it....
The_Kitner_Boy

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04/22/2011 08:28 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
The debt ceiling is a non issue.

Politicians will never muster the political will to NOT raise the ceiling.

Only the free market forces will take care of this problem. It's going to be ugly for those who do business in dollars.
Anonymous Coward
User ID: 1351123
United States
04/22/2011 08:33 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
''When a debt ceiling is reached, the Treasury Department is forbidden from issuing additional Treasury securities in order to pay the nation's financial obligations. Geithner sent a letter to Congress earlier this month identifying May 16 as the probable date that the Treasury Department would have to start choosing which bills it would pay since it could not issue more debt.''

[link to washingtonexaminer.com]


Isn't the purpose of the debt ceiling to prevent spending too much money? They are raising the ceiling again and again, they should just get rid of it....
 Quoting: Kimchi


" What happens the day after we hit the debt ceiling? "

what happens? all of the major banking institutions
in the world lower the U.S. credit rating to zero,
and the United States goes bankrupt just like the
Soviet Union did in 1990, and the United States
breaks up into the individual states as seperate
nations... (and then maybe all of the separate
states will form some kind of loose economic "federation"...)
Anonymous Coward
User ID: 773473
United States
04/22/2011 08:36 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
no more dollar menu's ANYWHERE
Anonymous Coward
User ID: 1351472
United States
04/22/2011 08:40 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
''When a debt ceiling is reached, the Treasury Department is forbidden from issuing additional Treasury securities in order to pay the nation's financial obligations. Geithner sent a letter to Congress earlier this month identifying May 16 as the probable date that the Treasury Department would have to start choosing which bills it would pay since it could not issue more debt.''

[link to washingtonexaminer.com]


Isn't the purpose of the debt ceiling to prevent spending too much money? They are raising the ceiling again and again, they should just get rid of it....
 Quoting: Kimchi


" What happens the day after we hit the debt ceiling? "

what happens? all of the major banking institutions
in the world lower the U.S. credit rating to zero,
and the United States goes bankrupt just like the
Soviet Union did in 1990, and the United States
breaks up into the individual states as seperate
nations... (and then maybe all of the separate
states will form some kind of loose economic "federation"...)
 Quoting: Anonymous Coward 1351123


And the Jews will STILL be running the banks.
Anonymous Coward
User ID: 1351123
United States
04/22/2011 08:41 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
''When a debt ceiling is reached, the Treasury Department is forbidden from issuing additional Treasury securities in order to pay the nation's financial obligations. Geithner sent a letter to Congress earlier this month identifying May 16 as the probable date that the Treasury Department would have to start choosing which bills it would pay since it could not issue more debt.''

[link to washingtonexaminer.com]


Isn't the purpose of the debt ceiling to prevent spending too much money? They are raising the ceiling again and again, they should just get rid of it....
 Quoting: Kimchi


" What happens the day after we hit the debt ceiling? "

what happens? all of the major banking institutions
in the world lower the U.S. credit rating to zero,
and the United States goes bankrupt just like the
Soviet Union did in 1990, and the United States
breaks up into the individual states as seperate
nations... (and then maybe all of the separate
states will form some kind of loose economic "federation"...)
 Quoting: Anonymous Coward 1351123


And the Jews will STILL be running the banks.
 Quoting: Anonymous Coward 1351472


of course -- nobody else is smart enough to do it.
Anonymous Coward
User ID: 1331294
United States
04/22/2011 08:44 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
Default. We need to default on this debt right now.
Crash it so we can rebuild and not pass this debt on to the younger generations.
Face it. We have no jobs here anyway. Might as well let it crash and implode. Then we rebuild. I'm good with it.
Anonymous Coward
User ID: 1351123
United States
04/22/2011 08:50 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
Default. We need to default on this debt right now.
Crash it so we can rebuild and not pass this debt on to the younger generations.
Face it. We have no jobs here anyway. Might as well let it crash and implode. Then we rebuild. I'm good with it.
 Quoting: Anonymous Coward 1331294


yes, some history books say that ancient Egypt
had an "economic blow-off valve" where every
100 years the Pharaoh would declare a "Jubilee",
where all debts were cancelled and all of the
"economic books" were reset to zero, and they
would simply start anew.
Kimchi  (OP)

User ID: 1210290
Netherlands
04/22/2011 09:06 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
yes, some history books say that ancient Egypt
had an "economic blow-off valve" where every
100 years the Pharaoh would declare a "Jubilee",
where all debts were cancelled and all of the
"economic books" were reset to zero, and they
would simply start anew.
 Quoting: Anonymous Coward 1351123


A good idea but think about China. They won't be happy about that...

shark
Anonymous Coward
User ID: 1345212
United States
04/22/2011 09:08 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
The debt ceiling is a non issue.

Politicians will never muster the political will to NOT raise the ceiling.

Only the free market forces will take care of this problem. It's going to be ugly for those who do business in dollars.
 Quoting: The_Kitner_Boy


Free Market? now that is a funny and quaint concept. There is no such thing as a FREE market.

Wake up!
Anonymous Coward
User ID: 1349445
United States
04/22/2011 09:10 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
''When a debt ceiling is reached, the Treasury Department is forbidden from issuing additional Treasury securities in order to pay the nation's financial obligations. Geithner sent a letter to Congress earlier this month identifying May 16 as the probable date that the Treasury Department would have to start choosing which bills it would pay since it could not issue more debt.''

[link to washingtonexaminer.com]


Isn't the purpose of the debt ceiling to prevent spending too much money? They are raising the ceiling again and again, they should just get rid of it....
 Quoting: Kimchi


" What happens the day after we hit the debt ceiling? "

what happens? all of the major banking institutions
in the world lower the U.S. credit rating to zero,
and the United States goes bankrupt just like the
Soviet Union did in 1990, and the United States
breaks up into the individual states as seperate
nations... (and then maybe all of the separate
states will form some kind of loose economic "federation"...)
 Quoting: Anonymous Coward 1351123


And the Jews will STILL be running the banks.
 Quoting: Anonymous Coward 1351472


of course -- nobody is smart enough to know we don't need them.
 Quoting: Anonymous Coward 1351123

Fixed!
Anonymous Coward
User ID: 1164010
United States
04/22/2011 09:10 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
The debt ceiling is a non issue.

Politicians will never muster the political will to NOT raise the ceiling.

Only the free market forces will take care of this problem. It's going to be ugly for those who do business in dollars.
 Quoting: The_Kitner_Boy


You mean war not free market forces.
Anonymous Coward
User ID: 1351123
United States
04/22/2011 09:13 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
yes, some history books say that ancient Egypt
had an "economic blow-off valve" where every
100 years the Pharaoh would declare a "Jubilee",
where all debts were cancelled and all of the
"economic books" were reset to zero, and they
would simply start anew.
 Quoting: Anonymous Coward 1351123


A good idea but think about China. They won't be happy about that...

shark
 Quoting: Kimchi


oh, i see... so, China is going to force
everybody to keep the "economic game" going
so they can get their "fair share of the pie".
right? ha ha.
Anonymous Coward
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United States
04/22/2011 09:56 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
bump
Anonymous Coward
User ID: 1320398
United States
04/22/2011 10:08 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
The left well blame the right, the right well blame the left. But with in a week or so, they just get right back to passing more laws to put you, your family and friends into prison.
5a
Anonymous Coward
User ID: 1351123
United States
04/22/2011 10:19 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
The left well blame the right, the right well blame the left. But with in a week or so, they just get right back to passing more laws to put you, your family and friends into prison.
5a
 Quoting: Anonymous Coward 1320398


it's the same age-old story: one man always
trying to bend another man over the barrel.
Anonymous Coward
User ID: 1351123
United States
04/22/2011 10:59 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
b
Anonymous Coward
User ID: 1268825
United States
04/22/2011 11:04 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
There is a great deal of fear mongering on this issue created by the criminal idiot Obama and his henchmen.
The fact is, if we continue to issue borrow money and spend what we don't have, we'll ultimately have a much worse problem. An even bigger, uncontrolable default.
Think of a man running up an enormous credit card bill. He can't make the minimum payment, so he uses another card to pay that off. It grows out of control. Ultimately, he faces an even greater financial disaster. That's the choice we have. Created because politicians use money they don't have to buy votes via welfare programs, consequences be damned. Time to throw these lying criminal bastards in jail and get back to the constitution.
Time for the american people to put their foot down.
Anonymous Coward
User ID: 1351123
United States
04/22/2011 11:19 AM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
There is a great deal of fear mongering on this issue created by the criminal idiot Obama and his henchmen.
The fact is, if we continue to issue borrow money and spend what we don't have, we'll ultimately have a much worse problem. An even bigger, uncontrolable default.
Think of a man running up an enormous credit card bill. He can't make the minimum payment, so he uses another card to pay that off. It grows out of control. Ultimately, he faces an even greater financial disaster. That's the choice we have. Created because politicians use money they don't have to buy votes via welfare programs, consequences be damned. Time to throw these lying criminal bastards in jail and get back to the constitution.
Time for the american people to put their foot down.
 Quoting: Anonymous Coward 1268825


too late. rather, it's time to brace for a
total economic collapse. it's every man for himself.
Kimchi  (OP)

User ID: 1210290
Netherlands
04/22/2011 01:24 PM
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Re: Apocalypse ---> What happens the day after we hit the debt ceiling?
There is a great deal of fear mongering on this issue created by the criminal idiot Obama and his henchmen.
The fact is, if we continue to issue borrow money and spend what we don't have, we'll ultimately have a much worse problem. An even bigger, uncontrolable default.
Think of a man running up an enormous credit card bill. He can't make the minimum payment, so he uses another card to pay that off. It grows out of control. Ultimately, he faces an even greater financial disaster. That's the choice we have. Created because politicians use money they don't have to buy votes via welfare programs, consequences be damned. Time to throw these lying criminal bastards in jail and get back to the constitution.
Time for the american people to put their foot down.
 Quoting: Anonymous Coward 1268825


too late. rather, it's time to brace for a
total economic collapse. it's every man for himself.
 Quoting: Anonymous Coward 1351123


I hope not.. I would prefer to see another great depression instead of a total collapse! No mad max scenarios please :)

hf





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