Raising the Debt Ceiling again?

[Germanicus]

We all know that the USA Government refuses to agree on a national budget and live within its means. The USA has become the worlds biggest loser in relation to International Trade. The trade deficit is a problem that could destroy the US economy if US politicians continue to ignore this problem.

The US media is doing its best to focus on Syria instead of the coming date to again raise the US Debt Ceiling. As a global citizen I am very unhappy that even after causing the Global Financial meltdown the USA contnues to ignore its budget problems.

The only reason the US can afford to ignore the Debt Ceiling issue is because they have the Reserve Currency Status since the end of WW2 and this allows them to print as much money as they need. This is how they have been able to afford QE. In many ways the USA would have collapsed a long time ago without the Reserve Status.

I wonder how on earth the US can justify keeping the Reserve Currency Status when they refuse to even make a budget. Many in the USA seem to think that the USA is some magical land of free money. A fantasy US dream land where they can never run out of money. The USA even thinks up ridiculous ideas to pay China like minting trillion dollar US coins. Allowing the USA to keep the Reserve Status hurts us all but it hurts the good people of China the most because China owns so much US debt. Every free dollar the USA prints is hurting the hard working nation of China as well as the rest of us.

The USA has already failed as Reserve Currency holder when the US destroyed its own economy with the Vietnam War that they lost. This was known as 'Nixon Shock'. The USD was claimed to be as good as gold and backed by gold ever since the USA gave themselves the Reserve after WW2. The world had lost confidence in the USA after them losing Vietnam and wrecking their economy so people were trading in their USD for gold to protect themselves. To keep themselves on top the USA closed what they decided to call the "gold window" and refused to honour their pledge to back the USD with gold.

To solve the fact that they had no right to the Reserve Currency any longer the USA sent Henry Kissinger to Saudi Arabia and told them the US would offer them mafia style 'protection' if the Saudis agreed to sell their oil in USD only. I am not sure what would have happened to them if they refused. US did this across the Middle East. So this is how the USA saved itself last time.

Today the US eonomy is a mess again and again the USA no longer has any right to hold the Reserve Status. I am shocked that they refuse to agree to a budget and continue to give themselves free money at our expense. The USA has no solutions. They seem more worried about starting war in the Middle East than fixing their own problems.

The US must decide what to do with their national expenses in the next few days. It looks like they are going to put the problem off again for a few months without too many people noticing and again raise the US Debt Ceiling. I think the USA has become a very arrogant nation when you see them doing things like this.

The days of Uncle Sam being able to borrow his way out of problems of his own making should be long gone by now. If we continue to allow the USA to be so irresponsible and selfish we may find ourselves in another GFC caused by America. I would like to see the Global Community put more pressure on the USA to fix its economic problems and agree to a transition away from the unfair Reserve set up. Triffin explained long ago that it is a conflict of interest for one nation to have a currency that acts as a domestic currency and as the Reserve Currency.

[Germanicus]

Meanwhile, support for Obama has waned significantly in China. Since 2009, confidence in the American president has declined by 24 percentage points and approval of his policies has fallen 30 points.
http://www.pewglobal.org/2012/06/13/global-opinion-of-obama-slips-international-policies-faulted/

HAIL!

[Peter1469]

The US debt will be deleveraged either in a managed manner, or via a crash.

[paul alan]

Republicans voted a new debt ceiling in September 2012 when they approved 2012-2013 spending under Bush's 2009 budget ... by 'continuing resolution'

Once again, they don't want to pay for the spending they approved of ....

That's not a responsible thing to do!

Now is it?

:)

[zelmo1234]

Republicans voted a new debt ceiling in September 2012 when they approved 2012-2013 spending under Bush's 2009 budget ... by 'continuing resolution'

Once again, they don't want to pay for the spending they approved of ....

That's not a responsible thing to do!

Now is it?

:)

We have plenty of money coming in to pay for the money already spent, it is the increase in spending that we can't afford?

time to live on what we are bringing in for a while. After all when we cot the increase in spending by 1.5% the economy started growing, imagine what we could do with some real spending cuts

[Mainecoons]

Republicans voted a new debt ceiling in September 2012 when they approved 2012-2013 spending under Bush's 2009 budget ... by 'continuing resolution'

Once again, they don't want to pay for the spending they approved of ....

That's not a responsible thing to do!

Now is it?

:)

Actually, for a change you're right although we all know that your post is about Republican baiting, not a serious attempt at discussion. Since most of this group is libertarian and very much down on the Republicrats who go along with the Democrats in fiscal irresponsibility, I'm not sure what you think you are accomplishing with the baiting.

Exactly why the Republican Party establishment and most of the career politicians need to be tossed. Why settle for Democrat lite when you can have the real, f-ed up McCoy?

[waltky]

Granny says, "Dat's right - the sky is fallin'...
http://www.politicalwrinkles.com/images/smilies/eek.gif
Duck! Treasury will hit the debt limit soon unless Congress votes to raise it
May 30, 2017 • As Congress deals with battles over health care legislation and the budget this summer, it is looking more and more likely that a fight over raising the country’s debt ceiling will be added to its agenda.


The debt ceiling is a cap on how much the U.S. Treasury can borrow to pay for government expenses, and it can only be altered by an act of Congress. Lawmakers had been hoping they could put off dealing with it until the fall. But key figures within the Trump administration are asking Congress to take action as soon as next month, saying that tax revenue has been less than expected. The Treasury Department’s power to actually borrow money ran out in March, and it has been operating since then with its cash on hand. “We need to make sure we raise our debt ceiling to pay our debts,” Treasury Secretary Steven Mnuchin told a House subcommittee last week. “My understanding is that the receipts currently are coming in a little bit slower than expected, and you may soon hear from [Mnuchin] regarding a change in the date,” Mick Mulvaney, director of the Office of Management and Budget, told a separate House panel.

Republicans have acknowledged the need to raise the debt ceiling but are hesitant to commit to a vote before they recess in late July. “We have to do it. We can’t let the government default,” Sen. Orrin Hatch, R-Utah, told Politico. A vote on the debt limit could be another headache for Republican leadership, however, as it comes in addition to other hotly contested policy debates. House Speaker Paul Ryan, R-Wis., and Senate Majority Leader Mitch McConnell, R-Ky., will have to reconcile vastly different views on the topic within their caucuses.


https://s.yimg.com/ny/api/res/1.2/T4fvNYHC.DDtZ_kFi9LQmg--/YXBwaWQ9aGlnaGxhbmRlcjtzbT0xO3c9ODAw/http://media.zenfs.com/en/homerun/feed_manager_auto_publish_494/d29a0e215b2b2dc3a7ed1966599321ac
Senate Majority Leader Mitch McConnell, center, arrives to talk to the media in Washington on May 23

This is because the most conservative members of the House, known as the Freedom Caucus, have already signaled that they will demand spending cuts as part of any bill to raise the debt ceiling. Other Republicans, as well as most Democrats, want what is called a “clean” increase with no strings attached. “We oppose any clean raising of the debt ceiling, we call for the debt ceiling to be addressed by Congress prior to the August Recess, and we demand that any increase of the debt ceiling be paired with policy that addresses Washington’s unsustainable spending by cutting where necessary, capping where able, and working to balance in the near future,” the caucus wrote in an official statement.

Widespread opposition from the most conservative members of the caucus could force Ryan and McConnell to seek Democratic help in pushing a bill to passage. Some measure of bipartisan support will already be required to clear the 60-vote threshold to squelch a filibuster in the Senate, since Republicans have only 52 members in that house. While Democrats in both the Senate and House routinely voted to raise the borrowing limit under President Barack Obama, some members are indicating that they will look to use their leverage to get policy concessions from across the aisle. “We should consider what additional conditions we might want to consider imposing,” Sen. Richard Blumenthal, D-Conn., told Politico.

MORE (https://www.yahoo.com/news/duck-treasury-will-hit-debt-limit-soon-unless-congress-votes-raise-193632602.html)

[Peter1469]

Stop spending money that we don't have.

[Tahuyaman]

The US debt will be deleveraged either in a managed manner, or via a crash.

Exactly, but if the debt bomb is ignored and just allowed to explode, it will be a nightmare. We will realize the hyperinflation of the Weimar Republic.

[Ethereal]

Walt revives another ancient thread in random fashion. Well done.

[Tahuyaman]

Stop spending money that we don't have.
There is a mentality out there which says that the government can never run out of money. Just simply print more, or forgive the debt. After all, this is money they claim that we owe to ourselves.

[Common Sense]

Walt revives another ancient thread in random fashion. Well done.
It's not really random. It's revisiting an old issue that has once again become relevant.

I have a feeling that this time we wont be hearing the same chicken little song and dance from Republicans.

[Ethereal]

It's not really random. It's revisiting an old issue that has once again become relevant.

I have a feeling that this time we wont be hearing the same chicken little song and dance from Republicans.

I don't have a problem with it. I just find it amusing how Walt revives threads that have been idle for years. I opened this one and saw "Germanicus" was the opening post and just smirked.

[Common Sense]

I don't have a problem with it. I just find it amusing how Walt revives threads that have been idle for years.
I do too. I actually wonder how he finds them...

[Safety]

It's not really random. It's revisiting an old issue that has once again become relevant.

I have a feeling that this time we wont be hearing the same chicken little song and dance from Republicans.

What was it before, going off the fiscal cliff? Or was it about their grandkids not being able to pay for it?

[Ethereal]

I do too. I actually wonder how he finds them...
I assume he checks his subscribed threads diligently.

[Peter1469]

We need to cut off the money supply to our Congress Critters.

[Tahuyaman]

We all know that the USA Government refuses to agree on a national budget and live within its means. The USA has become the worlds biggest loser in relation to International Trade. The trade deficit is a problem that could destroy the US economy if US politicians continue to ignore this problem.

The US media is doing its best to focus on Syria instead of the coming date to again raise the US Debt Ceiling. As a global citizen I am very unhappy that even after causing the Global Financial meltdown the USA contnues to ignore its budget problems.

The only reason the US can afford to ignore the Debt Ceiling issue is because they have the Reserve Currency Status since the end of WW2 and this allows them to print as much money as they need. This is how they have been able to afford QE. In many ways the USA would have collapsed a long time ago without the Reserve Status.

I wonder how on earth the US can justify keeping the Reserve Currency Status when they refuse to even make a budget. Many in the USA seem to think that the USA is some magical land of free money. A fantasy US dream land where they can never run out of money. The USA even thinks up ridiculous ideas to pay China like minting trillion dollar US coins. Allowing the USA to keep the Reserve Status hurts us all but it hurts the good people of China the most because China owns so much US debt. Every free dollar the USA prints is hurting the hard working nation of China as well as the rest of us.

The USA has already failed as Reserve Currency holder when the US destroyed its own economy with the Vietnam War that they lost. This was known as 'Nixon Shock'. The USD was claimed to be as good as gold and backed by gold ever since the USA gave themselves the Reserve after WW2. The world had lost confidence in the USA after them losing Vietnam and wrecking their economy so people were trading in their USD for gold to protect themselves. To keep themselves on top the USA closed what they decided to call the "gold window" and refused to honour their pledge to back the USD with gold.

To solve the fact that they had no right to the Reserve Currency any longer the USA sent Henry Kissinger to Saudi Arabia and told them the US would offer them mafia style 'protection' if the Saudis agreed to sell their oil in USD only. I am not sure what would have happened to them if they refused. US did this across the Middle East. So this is how the USA saved itself last time.

Today the US eonomy is a mess again and again the USA no longer has any right to hold the Reserve Status. I am shocked that they refuse to agree to a budget and continue to give themselves free money at our expense. The USA has no solutions. They seem more worried about starting war in the Middle East than fixing their own problems.

The US must decide what to do with their national expenses in the next few days. It looks like they are going to put the problem off again for a few months without too many people noticing and again raise the US Debt Ceiling. I think the USA has become a very arrogant nation when you see them doing things like this.

The days of Uncle Sam being able to borrow his way out of problems of his own making should be long gone by now. If we continue to allow the USA to be so irresponsible and selfish we may find ourselves in another GFC caused by America. I would like to see the Global Community put more pressure on the USA to fix its economic problems and agree to a transition away from the unfair Reserve set up. Triffin explained long ago that it is a conflict of interest for one nation to have a currency that acts as a domestic currency and as the Reserve Currency.


The concept of a debt ceiling is a sham. There's no such thing as a debt ceiling.

[resister]

I don't have a problem with it. I just find it amusing how Walt revives threads that have been idle for years. I opened this one and saw "Germanicus" was the opening post and just smirked. waltky is TPF's resident Archivist! :)

[donttread]

We all know that the USA Government refuses to agree on a national budget and live within its means. The USA has become the worlds biggest loser in relation to International Trade. The trade deficit is a problem that could destroy the US economy if US politicians continue to ignore this problem.

The US media is doing its best to focus on Syria instead of the coming date to again raise the US Debt Ceiling. As a global citizen I am very unhappy that even after causing the Global Financial meltdown the USA contnues to ignore its budget problems.

The only reason the US can afford to ignore the Debt Ceiling issue is because they have the Reserve Currency Status since the end of WW2 and this allows them to print as much money as they need. This is how they have been able to afford QE. In many ways the USA would have collapsed a long time ago without the Reserve Status.

I wonder how on earth the US can justify keeping the Reserve Currency Status when they refuse to even make a budget. Many in the USA seem to think that the USA is some magical land of free money. A fantasy US dream land where they can never run out of money. The USA even thinks up ridiculous ideas to pay China like minting trillion dollar US coins. Allowing the USA to keep the Reserve Status hurts us all but it hurts the good people of China the most because China owns so much US debt. Every free dollar the USA prints is hurting the hard working nation of China as well as the rest of us.

The USA has already failed as Reserve Currency holder when the US destroyed its own economy with the Vietnam War that they lost. This was known as 'Nixon Shock'. The USD was claimed to be as good as gold and backed by gold ever since the USA gave themselves the Reserve after WW2. The world had lost confidence in the USA after them losing Vietnam and wrecking their economy so people were trading in their USD for gold to protect themselves. To keep themselves on top the USA closed what they decided to call the "gold window" and refused to honour their pledge to back the USD with gold.

To solve the fact that they had no right to the Reserve Currency any longer the USA sent Henry Kissinger to Saudi Arabia and told them the US would offer them mafia style 'protection' if the Saudis agreed to sell their oil in USD only. I am not sure what would have happened to them if they refused. US did this across the Middle East. So this is how the USA saved itself last time.

Today the US eonomy is a mess again and again the USA no longer has any right to hold the Reserve Status. I am shocked that they refuse to agree to a budget and continue to give themselves free money at our expense. The USA has no solutions. They seem more worried about starting war in the Middle East than fixing their own problems.

The US must decide what to do with their national expenses in the next few days. It looks like they are going to put the problem off again for a few months without too many people noticing and again raise the US Debt Ceiling. I think the USA has become a very arrogant nation when you see them doing things like this.

The days of Uncle Sam being able to borrow his way out of problems of his own making should be long gone by now. If we continue to allow the USA to be so irresponsible and selfish we may find ourselves in another GFC caused by America. I would like to see the Global Community put more pressure on the USA to fix its economic problems and agree to a transition away from the unfair Reserve set up. Triffin explained long ago that it is a conflict of interest for one nation to have a currency that acts as a domestic currency and as the Reserve Currency.

Remember the bipartisian promised "action" if we let them raise the debt ceiling one more time? Something about scalpels and hatchets?" LOL Now they just don't let us know. 99 and 44/100% pure scum!

[donttread]

We all know that the USA Government refuses to agree on a national budget and live within its means. The USA has become the worlds biggest loser in relation to International Trade. The trade deficit is a problem that could destroy the US economy if US politicians continue to ignore this problem.

The US media is doing its best to focus on Syria instead of the coming date to again raise the US Debt Ceiling. As a global citizen I am very unhappy that even after causing the Global Financial meltdown the USA contnues to ignore its budget problems.

The only reason the US can afford to ignore the Debt Ceiling issue is because they have the Reserve Currency Status since the end of WW2 and this allows them to print as much money as they need. This is how they have been able to afford QE. In many ways the USA would have collapsed a long time ago without the Reserve Status.

I wonder how on earth the US can justify keeping the Reserve Currency Status when they refuse to even make a budget. Many in the USA seem to think that the USA is some magical land of free money. A fantasy US dream land where they can never run out of money. The USA even thinks up ridiculous ideas to pay China like minting trillion dollar US coins. Allowing the USA to keep the Reserve Status hurts us all but it hurts the good people of China the most because China owns so much US debt. Every free dollar the USA prints is hurting the hard working nation of China as well as the rest of us.

The USA has already failed as Reserve Currency holder when the US destroyed its own economy with the Vietnam War that they lost. This was known as 'Nixon Shock'. The USD was claimed to be as good as gold and backed by gold ever since the USA gave themselves the Reserve after WW2. The world had lost confidence in the USA after them losing Vietnam and wrecking their economy so people were trading in their USD for gold to protect themselves. To keep themselves on top the USA closed what they decided to call the "gold window" and refused to honour their pledge to back the USD with gold.

To solve the fact that they had no right to the Reserve Currency any longer the USA sent Henry Kissinger to Saudi Arabia and told them the US would offer them mafia style 'protection' if the Saudis agreed to sell their oil in USD only. I am not sure what would have happened to them if they refused. US did this across the Middle East. So this is how the USA saved itself last time.

Today the US eonomy is a mess again and again the USA no longer has any right to hold the Reserve Status. I am shocked that they refuse to agree to a budget and continue to give themselves free money at our expense. The USA has no solutions. They seem more worried about starting war in the Middle East than fixing their own problems.

The US must decide what to do with their national expenses in the next few days. It looks like they are going to put the problem off again for a few months without too many people noticing and again raise the US Debt Ceiling. I think the USA has become a very arrogant nation when you see them doing things like this.

The days of Uncle Sam being able to borrow his way out of problems of his own making should be long gone by now. If we continue to allow the USA to be so irresponsible and selfish we may find ourselves in another GFC caused by America. I would like to see the Global Community put more pressure on the USA to fix its economic problems and agree to a transition away from the unfair Reserve set up. Triffin explained long ago that it is a conflict of interest for one nation to have a currency that acts as a domestic currency and as the Reserve Currency.


Just a suggestion but you might want to consider droppong the terms "US" and "USA" when you speak of America as those terms no longer describe us . Along with the term "Union of Staes" they meant something. Something making us different. Something that no longer exist. We have slowly allowed the megacorps and "two major parties" to turn us into just another centrally dominated country in a world full of them.
Just food for thought.

[OddFellow]

Actually debt can be good you have more money to play with. Getting rid of the debt would be just disaster for the economy too much a burden. The cuts to balance the budget would be too hard on many Americans. I say we been in debt so many years and nothing has happened to the USA that is really bad because of that debt so lets keep it that way lets stay in debt. Actually if the debt caused our currency to devalue that would be a great thing. Many economists think a weaker US dollar would help American workers be more competitive they wouldn't cost so much to hire.

[donttread]

Actually debt can be good you have more money to play with. Getting rid of the debt would be just disaster for the economy too much a burden. The cuts to balance the budget would be too hard on many Americans. I say we been in debt so many years and nothing has happened to the USA that is really bad because of that debt so lets keep it that way lets stay in debt. Actually if the debt caused our currency to devalue that would be a great thing. Many economists think a weaker US dollar would help American workers be more competitive they wouldn't cost so much to hire.

Our government has not lived within it's means ( and it's means are among the greatest means in the world ) for 17 straight years. That cannot be spun as good.

[Captdon]

We are and will continue to control the world economy as it pertains to our debt. No one else will be trusted. We owe most of our debt to ourselves. This doesn't have any effect on the rest of the world. The world certainly isn't going to switch to the Yuan or the Euro.

I admit we're arrogant. We are because we can be. We really don't care what the rest of the world thinks. We are the big dog and that's the way it is. If the rest of the world could do anything they would. They can't so they won't.

[donttread]

We are and will continue to control the world economy as it pertains to our debt. No one else will be trusted. We owe most of our debt to ourselves. This doesn't have any effect on the rest of the world. The world certainly isn't going to switch to the Yuan or the Euro.

I admit we're arrogant. We are because we can be. We really don't care what the rest of the world thinks. We are the big dog and that's the way it is. If the rest of the world could do anything they would. They can't so they won't.


And where does "arrogance because we can be" usually lead to?

[kentucky]

There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.

[resister]

There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.
Hello there!

[kentucky]

Blessed are the young, for they shall inherit the national debt.