Raising the Debt Ceiling again?

[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.