Tuesday, July 19, 2011

Failure to raise debt ceiling would put economy in peril


Our nation is heading toward an Aug. 2 deadline to raise the debt ceiling and avoid defaulting on our debt. If Congress doesn't act quickly, the United States will face an economic disaster that could have easily been prevented.

The U.S. owes its creditors trillions of dollars. Our government has a responsibility to pay back that debt with interest, just as any American with a credit card knows. Last week, Federal Reserve Chairman Ben Bernanke testified before the House Financial Services Committee. Chairman Bernanke's message was very clear: a default will signal to the global financial markets that the United States is not a trustworthy borrower. The Treasury Department has also stated that defaulting on our debt would result in an almost 1 percent decrease in gross domestic product, hurting job creation and having a devastating effect on the economy. To put it bluntly: we can't afford a default


  1. Let it "FALL" we must STOP this nonsense. If we were to allow the implosion, the Financial Elite would lose control, wars would lose funding and REALITY would Bite us in the Pocketbook where it belongs and wake up the SHEEPLE!!

    The systems needs to fail and Reset!!!

  2. It will not fail. They will remove the debt ceiling all together.

    Like I have been saying for ages now, there's no depression coming and the markets will not crash. Don't go buying guns and food, things will never get that bad.

  3. hell, if it over writes Bernakapart on the idiot low rates, than so be it, I'll give up a months SS for doubble digit interest on my savings again.

  4. Oh Great a Delaware Democrat and he sides with Obama {imagine that}.

  5. 10:56 you're right everything will continue to go up until it hits Neptune, then it will hit Pluto. Nothing will ever come down it only goes up

  6. The only thing we can conclude is this:

    Simply put (for the Sheeple)


    Here comes Zimbabwe...land of the Billionaires!

  7. Do you actually think we are not going to raise the debt ceiling? I mean come on now
    The economy is in rough shape by all mean


  8. When I got my first Credit card, it had a $200.00 limit. If I hit the limit, it was not automatically raised. I had to live within my "credit means".

    Why can't the bastards in DC do the same thing?

  9. 11:48> billionaires? They were all trillionaires long ago. Just think of it. We are all going to be trillionaires! When you were a kid you wanted to be a fireman, an astronaut or a millionaire!

    Drumroll>>> TRILLIONAIRE! Wow. Can't wait.

  10. Stupid Democrat !
    Doesn't understand how the FEDERAL Reserve System works [Debt money] Eventually the interest eats the system because every dollar created comes with an interest payment attached and even with a low % the system eventually is overwhelmed by the compounding of the interest [ Hockey stick graph]

  11. How would more debt save a family from destruction in the future. Maybe for the time being, but not in the long run.

  12. If you are a regular reader of this blog and similar sights then you are "awake" and realize the issues at hand...you can only do so much for your fellow citizens and realize that most willingly ignore their plight.

    In 4-5 weeks Football season will begin and with it the preoccupation of "bread and circus" for the Sheeple...distraction for the masses.

    Awoken Citizens and Patriots... prepare yourselves and your families...it's too late for the Sheeple and our country!

  13. Maybe it will. But at the same time it will also put the economy deeper in trouble. So what next? Another rise in the debt ceiling will be needed down the road and you will say failure to raise the debt ceiling will put the economy in peril. And then another, and another and eventually it must end. Then what? The truth is all of the past increases in the debt ceiling are what put the economy in peril and now we are simply staving off the inevitable. Each time it takes more then last time to prevent the disaster. Perhaps 6 years ago with the low deficits it may have made sense to increase the debt ceiling a little. But now with the HUGE deficits and the need to raise the debt ceiling by a HUGE amount isn't it obvious to everyone that we are done???

  14. no 506 the charter of corporations that enable them to move to another country is the problem

  15. yes 506 the illegal federal reserve bank makes the money and control the votes in courts and congress so that the corporation officers do what the fed wants which includes moving the corp to another country , so the question is how can you and i change that so the power of making money is given back to the u.s. treasury

  16. Fascism = corporate/bank controlled government.

    Could not define us any better.

  17. lol-how can they not spend? that's silly..:)) half the economy is held up by dependance on gov spending. thus the horror at cutting spending. remember though, it's paper...even food stocks will be more valuable, give it time.

  18. Russia = End of World
    3 Mile island = End of World
    Chernoybl = End of World
    Exxon valdez = End of World
    Tsnunami = End of World
    Gulf Oil Spill = End of World
    Katrina = End of World
    California Earthquakes = End of World
    Tangshan Earthquake = End of World
    Iran Earthquake of '90 = End of World
    Austrailian Drought = End of World
    African Drought of '81-'84 = End of World
    1957 Asian Flu = End of World
    Nazi Germany = End of World
    Greece = End of World
    Blah Blah fucking Blah - If you wake up tomorrow
    who else on the planet really gives a fuck?
    Enjoy the ride; the same one that's been goin' on since the beginning of time and the same one that will be going on long after these schoolchildren are done playing games with our monopoly money

  19. The baby-boomers that grew up in an actually free country and let it become what it is today, do not deserve their golden years, sorry.

  20. Also remember not to think. Higher thinking is sooo over-rated, LOL.

  21. Raising the limit wont matter really. The US is in a debt spiral. The deficit has tripled since Shrub came into office and will have quadrupled within the next couple of years. Only solution: massive re-structuring, massive defense cutbacks, ending of wars, changing of lifestyle and more.

  22. See how Peter Schiff eloquently exposes this debt ceiling fraud (video link below). This is pure blackmail on the part of the government. Let the U.S. government fail! Let it fail! Stop the New World Order, which is being funded by the blood, sweat and tears of hardworking Americans and others around the world.

    The U.S. government is like a rich bitch with a credit card who spends like there's no tomorrow, and then threatens to not pay her credit card bill unless her credit limit is increased, after she has maxed out her card. Bull crap! Stop spending. Stop the charade. Stop wasting OUR MONEY (mine, yours, and our children, and our grandchildren).

    (excellent 7 minute video w/ Peter Schiff).

  23. This guy John Carney is a traitor. He ought to be sent to Siberia. John - you and yours have BANKRUPTED AMERICA. Stop spending TRILLIONS OF DOLLARS in Afghanistan, Iraq, Pakistan, Libya, and in countless wasteful government programs. You are fired, John!

    How much did the bankers pay you to say this John????

  24. I'm so sick of hearing "not raising ceiling" means default. IT DOES NOT! The US has plenty of tax revenues to pay the note on all of our debt.

  25. 11:44,

    is that debt going to be paid off by having everyone under 50 work flipping burgers or at walmart for 30 years? Well, it wouldn't be all of them. Those too intelligent would probably kill themselves, and those in debt maybe the same.

    Only the kids of those in the white house or the bankers will have a way out.

    Pray to whatever may be there that shit collapses officially.


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