The US Government has (nearly) Defaulted on the National Debt!

[shikamaru]

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 ....

[stoneFree]

Yep.

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).

http://www.zerohedge.com/article/35-...nt-funds-squee