I waded in gently with the Front Page Article.
Congress failed to raise the Debt Ceiling Friday night but managed to create an illusion that everything is okay by putting the Government Shutdown off for a week before undergoing drastic Budget Cuts.
I waded in gently with the Front Page Article.
Congress failed to raise the Debt Ceiling Friday night but managed to create an illusion that everything is okay by putting the Government Shutdown off for a week before undergoing drastic Budget Cuts.
This Final Letter may be helpful!
Recall gold/silver from the US Citizens is another measure; seizing the 401k accounts is another asset.Quote:
Originally Posted by David Merrill
A rock star is nothing absent fans. Do you trust in the State?
Fab five forge currency alliance
(From left) Prime Minister Manmohan Singh, Russian President Dmitry Medvedev with his counterparts Hu Jintao of China, Dilma Rousseff of Brazil and Jacob Zuma of South Africa in Sanya on Thursday. (Reuters)
Sanya (China), April 14 (Agencies): India, China, Russia, Brazil and South Africa today signed an agreement that would enable them to provide credit to each other in local currencies and collaborate in capital markets and other financial services.
The agreement was signed by the designated banks of the five countries at a summit of Brazil, Russia, India, China and South Africa (Brics) here, which was attended by Prime Minister Manmohan Singh.
http://www.telegraphindia.com/111041...y_13856760.jsp
Looks like this is just one more nail in the coffin for the dollar. rken
Indeed;
I believe you are correct. China sounds in the lead. South Africa was added just the other day so it looks like they are trying for a global effect continentally. Albeit I note a small country in Europe has been marked as joined.
I believe we are viewing a map of what you are speaking of. Traditionally SDRs are a fictional basket of five currencies. Listening to yesterday's BBC World News the narrator wonders why BRIC added South Africa, to become BRICS.
It certainly looks like a logical preparation for the Default - happening as we speak in my opinion - April 15th plus a default of three days - Emancipation Day in DC (Filing Due on the 18th); and supplemented by notice and grace of 30 days (May 16th).
Of course if Congress defaults on America's obligations/bonds, that in itself is the US Dollar becoming a relic of world history.
Regards,
David Merrill.
Technically, I don't think the US has defaulted yet. Saw this yesterday; it seems the national debt subject to the ceiling is still marginally below the $14.294 trillion cap. But not for long:
http://www.zerohedge.com/article/tre...xt-week-can-it
Quote:
Originally Posted by stoneFree
Thanks! You are right. I will go through the trouble of correcting that in the title.
".. crunch time for the Treasury is approaching as the first of three auctions is on deck: the first one for $32 billion in 3 Year Notes. The total raised will be $72 billion without any offsets from maturities. Elsewhere, the Treasury will catch a $16 billion break after it settles $100 billion in Bill maturities offset by $84 billion in new issuance, yet still the net total of $56 billion in new debt seems to be a slight problem since as of Friday, there was just $23 billion in total capacity under the debt ceiling."
http://www.zerohedge.com/article/tre...e-without-tril
In conjunction with my Financial Peace* University classes, I have retained the basic collection of Letters about the recent Debt Ceiling issue - mostly from Timothy F. GEITHNER.
From my History of last week - more recent first. Interestingly I caught the Denver Post article within an hour of cyber-posting Friday night. Our Senator BENNET wrote directly to Geithner and got this response (cc: BERNANKE and LEW at the OMB):
...well, how about that? The only link, the Colorado Independent article is down. I cannot find the .pdf of the actual letter. But I printed it out for Sunday School class yesterday morning and can scan that.
GEITHNER to BENNET.
[It really satisfies my conspiracy theory when I think maybe I salvaged a letter that has been scrubbed...]
http://www.treasury.gov/initiatives/...debtlimit.aspx
This one cropped up while looking around:
http://www.treasury.gov/connect/blog...%20Boehner.pdf
Here are the two earlier ones I have already linked.
January.
April.
Here is a fun read:
http://www.treasury.gov/initiatives/...ct%20FINAL.pdf
The April link there - that holds something in the implementation of corrective measures that is very disturbing to me. GEITHNER, as I understand things, is going to start offering mortgage-based securities for sale as part of his measures, in the letter to BENNET, to keep the Treasury running in honor until August 2nd - or Congress approves a new Debt Ceiling - whichever comes first. The disturbing component is not so much that this securitization on home foreclosures is what caused the Subprime Mortgage Crisis of August 13, 2007 that led into the Global Financial Crisis. The disturbing thing is that the securitizing is gambling on American homeowners losing their homes to foreclosure!
Now, as of today, the US Government is gambling on American Homeowners being foreclosed on, rather than the original charter - to protect the property rights of Americans...
Does anybody else find that disturbing?
Regards,
David Merrill.
* Financial Peace University. - Understanding the character of a peaceful inhabitant is helpful to comprehend the significance in the numero-linguistic interface of these words and the timing of author Dave RAMSEY infiltrating the American Christian church at this time - teaching a sublime message - get out of debt.
Gambling on my foreclosure; that is troubling. It does appear that, as predicted, America's credit card is now maxed out. Tyler's take is they will dip into federal retirement funds to keep the scam going:
http://www.zerohedge.com/article/tre...-pension-funds
Also includes Geithner's letter to Congress dated 5/16/11: http://www.treasury.gov/connect/blog...20Congress.pdf
It would seem all assets have been pledged to the pool for purposes of insurance and surety ....Quote:
Originally Posted by stoneFree
Yep.
http://www.zerohedge.com/article/35-...nt-funds-squeeQuote:
The fact that the US is at the debt ceiling, and every incremental dollar of debt issued has to be met with a comparable underfunding in retirement funds is not bothering the SecTres (at least until August 2 at which point all mechanisms to delay the ceiling breach expire).