PIN This: U.S. hits debt ceiling

Of all the fake doom this might be the fakest. Its just entries in virtual books. It has no meaning except for the sheep that believe they owe it.

Size of market ain't gonna help when it's all walmart consumption and no manufacturing. To re-insource manufacturing they will have to let union conditions go and welcome to the third world for most of the population.

And to the sheep dogs that have a huge stockpile of weapons to keep the sheep in line :-)

Yes, I agree. The selling out to the cheapest supplier has proven that cheaper is not better. This said, the future is in technology and the US is a leader in this area.

Technology, coupled with well thought regulations and rising foreign manufacturing prices, will bring jobs back to the west -- IF the politicians go to bat for this and not just fill their pockets.

Many US companies on the list of largest companies in the world still and that is the basis for the millions of small companies formed around these giants:
[link to en.wikipedia.org]

Can you not just declare war on these 'world bankers' take them out and wipe the debt?

That's a pipe dream. Politicians almost never go for anything that doesn't fill their pockets, and if they do, a sex scandal "conveniently" appears.

I know they're small fry but the principle's the same - Iceland defaulted and they seem to be doing okay.

Order through chaos. They are always on both sides. They always win, lurking in the shadows. Why? This system of things is based on greed. That is the root of the problem, greed.

Hmmm, have always wondered who these 'world bankers' - twats are that can afford to lend countries like the US that much money!

I agree the whole system is fucked and very confusing!

Fractional-reserve banking
[link to en.wikipedia.org]

In summary -- THE SYSTEM IS BUILT ON DEBT !
They want you in debt, they need you in debt.

The story of the goldsmiths and the birth of fractional reserve banking from the documentary Money as Debt. ...

So, according to Geithner we hit the statutory debt limit yesterday at $14.294. Geithner is now halting the automatic cycling of civil service pension funds into U.S. Treasury debt, which will give the Treasury about $224 billion of headroom as it meets an estimated $120 billion a month in net new borrowing needs to cover the government's mounting budget deficit and extend the conversation to August 2nd.

Now, we know that the debt ceiling has to be increased at some point but by how much. Going into an election year, politicians will want to raise it only once to avoid an ongoing debate...but can they?

If $120 billion a month for June, July, August, Sept. totals $480. And then FY'12's budget which forecasts a $1.1 trillion dollar deficit holds true I will make a prediction of a debt ceiling increase of approximately $1.6 trillion or slightly short of $16 trillion.

I would not want to be in a reelection campaign and have to defend adding $1.6 trillion to the debt...ouch!

Others thoughts?

What would happen if the US defaulted on the debt?

Good question. It's never happened before, and has not been imaginable by anyone as an actual possibility. The government owes $14.3 trillion to virtually the whole world, including many US citizens. You think the sub-prime housing debt bomb hit the world hard? Try to imagine something literally THOUSANDS of times worse.

How many retired people do you know? Your mom or dad? If they are currently collecting a pension, realize that the safest (and most financially sound) investment for a pension fund is US Treasury bonds. If the US just said "The hell with it" and didn't pay anyone, everyone who owns a US bond would be without that income that they were GUARANTEED would always be there for them.

Then, there are financial obligations the government has to keep providing services. Know anybody collecting a Social Security check? Gone. Medicare/Medicaid? Again, payments halted. Even if hospitals and doctors continued seeing patients without payment, how long could you work at your job without being paid? You can only live on savings for so long, then you have to get some money coming in.

And, what about the military? The actual servicemen abroad fighting for us can't currently spend their paychecks, but their families at home sure need them. If the government stopped them, how would they survive?

What about other government employees? Just shut it down? Imagine what your neighborhood would be like if ALL the police and firemen were left without any means of support. Could the few that continued keep order?

Think about it.

Greece hit the ceiling and it fell.

US hit the ceiling and it's still standing.

WOW.i'm impressed.

there goes my doom.

Good points 'siberia' and AC just above with the 8's front and back, that is the biggest problem of all.

The US government really OWES it to the people they were elected by to CUT SPENDING and yet CREATE JOBS. Has to happen. Not later, but sooner. Otherwise two generations will be effected by this fiasco in the ways you describe.

That is like comparing grapes to apples or Ouzo to cider.

Imagine a world without the debt being piled on us by the criminal politicians and bankers.

Ah.... relief. I feel so much better now.

Ah... relief.

I agree that we can't continue accumulating debt the way we have in the past. But, default is not the answer. Here is my proposition: An IMMEDIATE 10% cut in ALL government spending: Social Security, employee salaries, Medicare, everything (except interest payments). A 10% cut will HURT, and it will hurt everybody. But, it is survivable.

Then, we need to increase the debt ceiling by the amount saved THIS YEAR ONLY. Any further increases in the debt ceiling would only come after further like decreases in spending -- maybe not across the board like the first, but more targeted.

Any other suggestions?

So, play that out....the US government is running a $120 billion per month debt so the ceiling has to be increased to cover May, June, July, August at least just to get through FY'11. So that is approximately $500billion. If they get this short-term debt ceiling increase it will force the debt ceiling and FY'12 budget to be connected and then it gets really ugly and a shutdown would be likely. Either way I feel that the MSM headline of "Congress approves debt ceiling increase of $1 trillion+ is going to be disastrous for those running in '12 and yet $1trillion only gets you 8 months of running the country...what a mess

That Piece of Shit Geithner and all of his zionist cronies seeded in the US Government and its affiliates should be arrested immediately. Then stoned by We The People. Can i get an amen on that people.

seeded is the perfect word

the cabinet to the president is selected, not elected.. who are the people on Obama's and Bush'a cabinets? Zionists. Coincidence? Not at all.

Last Edited by greggin5d on 05/17/2011 09:30 AM

8 months of running the country is 8 months we do not currently have. And, why shouldn't the debt ceiling and FY'12 be linked? If that had been the case in the past, we wouldn't have the problem we have now. We need to elect people to Congress who recognize the problem, and are willing to act. The more discussion in the media, in work places, and on forums like this, the better the chance that the public will realize this and vote for fiscal responsibility.

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It makes no difference to me -- I can still go Golfing!




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As others have stated, this is part of a plan, and it is designed to lead to the destruction of physical instruments of payment, i.e., currency, coins, cash. All tied into high tech developments in e-commerce and e-governance.

the federal government is judgment on the states of america for killing children by abortion. the fed gov has destroyed the nation, kills surviving children in wars of aggression, bankrupts the states, gives the peoples money to the richest thieves on earth and attacks states through the slave state court and (in)justice system. and the states continue to lick the feds hind side for them by continuing to kill children by abortion in their respective states. not one state is willing to stand againt their fed master and stop the killing of innocent children in their state. we got the task master we deserve.

US default = a financial apocalypse

Because Obama is god and Tim Geithner is his prophet.

What it means is that the government is now "borrowing" money from the federal employee's pension plans. They have till about August when that source of money will dry up and then our government will default on their loans. As it is they have only been paying the interest on all loans.

It will NEVER 'dry up'

They will just continue to print more money, raise ceilings and devalue everything everyone works for.

In which case it will be the end of our world as we know it.