Monday, January 24, 2011

US Treasury Sec Admits US Default Imminent

Note: One Year Chart of the Baltic Dry Index (left)
Timothy Geithner, U.S. Treasury Secretary, admitted in a letter to congress dated January 6th, that the United States Treasury would be forced to default on its credit obligations without clearance from Congress to raise the amount of money that the treasury is allowed to borrow.
After citing a list of "extraordinary measures" Congress has had to resort to in the past to avoid entering a state of default, Geithner stated, "Once these steps have been taken, no remaining legal and prudent measures would be available to create additional headroom under the debt limit, and the United States would begin to default on its obligations. The extraordinary measures include, "suspending sales of State and Local Government Series (SLGS) Treasury securities; suspending reinvestment of the Government Securities Investment Fund (G-Fund); suspending reinvestment of the Exchange Stabilization Fund (ESF); and determining that a "debt issuance suspension period" exists, permitting redemption of existing, and suspension of new, investments of the Civil Service Retirement and Disability Fund (CSRDF).
That the United States has already defaulted on its obligations is beyond dispute, at this point, as its the rate at which its debt service obligations is growing exceeds the rate at which the United States GDP could possibly grow, meaning that without drastic cuts to government spending, the debt can only continue to grow.
Before our very eyes, the so-called leadership of the world's largest economy is intentionally bankrupting the country and devaluing its currency in what can only be a precursor to rampant inflation.
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  1. In regards to this article.. That's why President Obongo begged the Chinese to bail out the US. But we know the money is going straight to Goldman Ball Sachs and the rest to Fall Street.

  2. This is old news. Post something more up-to-date on our "imminent collapse". Thanks.

  3. 12:37 you're an imminent loser. Go post up-to-date Jersey Shore episodes. You know, the sheeple shit you're permanently hooked on.

  4. and rather than be responsible and do something right away to lower the deficit by:

    - Pull out of Iraq and Afghanistan
    - Close every off shore non-essential military base
    - Impeach Obozo
    - Stop funding useless Departments that have failed miserably, like Education and Energy
    - Downsize the Federal government by 40% for starters
    - Impeach Obozo
    - End the Fed and bring back the gold standard
    - Build nuclear power stations
    - Construct wind and solar farms where best suited
    - Impeach Obozo
    - Begin drilling in Alaska
    - Do everything possible to bring manufacturing back to where it belongs
    - Impeach Obozo
    - Repeal Obozocare
    - Read the Constitution again and live by it
    - Get rid of Sotomayor and Kaygan, since they were appointed by Obozo who has no right to call himself POTUS
    - Downsize the military
    - Recognize the Militia as the Constitution defines the militia and fund them properly
    - Close the Mexican border
    - Impeach Obozo
    - Deport the illegals and their anchor babies
    - Teach our children well and make the US education system the best in the world
    - Impeach Obozo
    - Close down the TSA
    - Look for terrorists rather than x-ray grandma at the airport
    - End domestic spying on American citizens
    - There is no such thing as a "domestic terrorist" there are only mis-guided individuals who are easy prey, can you say "Manchurian Candidate".
    - Teach our children love of country and admit to them that we have done some mighty terrible things in the past and encourage them to not repeat them.

    The list goes on and the sad thing is Congress will do none of the above and they will raise the debt ceiling, putting us another trillion dollars in the hole and one step closure to implosion.

  5. 2:06 great post. As you can obviously see they are trying to bankrupt the world, not just the USA. Even if they did just one of those on your list..but no, they have an agenda.

  6. I like that idea !

    Manchurian Candidate !

    Hell, we got every other gadamn idot numbskull
    progressive minority running the damn country

    Why not a direct descendant of mao

    yeah man ! bring on the fucking buddist!

  7. I think the Manchurian Candidate refers to mind control, very real mind control. It's not fantasy.

    Mind control in it's simplest form is a drug called Paxil. That drug can turn a shy, timid man into a violent, potential killer. One side effect of Paxil is complete memory loss of the event. How do I know this? I've been there, done that and so have thousands of others.

    Put someone in custody and add Paxil to the morning orange juice and in a few days, you have a zombie on your hands.

    Do not ever take Paxil! Tell you doctor to phuck off and die if they ever mention it again.

  8. The Baltic Dry Index shows global shipping. It's proof that everybody is going broke and can't afford to buy and sell like they used to.

    I've noticed that Walmart shelves stay empty of certain things. I guess they aren't importing from China as much--and I bet they don't want to pay the cost of gasoline to send trucks around the country with replacement supplies.

    Better stock up on the basics before they get too expensive. That's because your beloved Republicans aren't going to do a damn thing for anybody except the very rich.

  9. My beloved Republicans?

    Every one of them Republicans and Democrats (with the exception a small number of them) need to pack their things and get the hell out of Washington.

    They need more vacations! You know why? When they are on vacation, they can't meet and mess things up any more than they are now!


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