We hit the debt ceiling thursday - Politics Forum.org | PoFo

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#15261984
"Treasury Secretary Janet Yellen on Friday notified Congress that the U.S. will reach its statutory debt limit next Thursday.

After that, the Treasury Department this month will begin “taking certain extraordinary measures to prevent the United States from defaulting on its obligations,” Yellen wrote in a letter to new House Speaker Kevin McCarthy, R-Calif.

Treasury, “is not currently able” to estimate how long those emergency actions will allow the U.S. to pay for government obligations, she wrote.

But, “It is unlikely that cash and extraordinary measures will be exhausted before early June,” Yellen added.

She warned McCarthy that it is “critical that Congress act in a timely manner to increase or suspend the debt limit.”

“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,” Yellen wrote.

“I respectfully urge Congress to act promptly to protect the full faith and credit of the United States."

https://www.cnbc.com/2023/01/13/us-will-hit-its-debt-limit-thursday-start-taking-steps-to-avoid-default-yellen-warns-congress.html

The crazies will, once again, try and burn the country down. They just might succeed this time.

To quote Q: "I wouldn't let them if I were you."
#15262005
Are the MAGA morons going to hold the economy hostage?

It's ok though, the toothless MAGA idiots will probably suffer the most anyway. :lol:

They really are that fucking stooooooooopid.
#15262038
Rancid wrote:Are the MAGA morons going to hold the economy hostage?

It's ok though, the toothless MAGA idiots will probably suffer the most anyway. :lol:

They really are that fucking stooooooooopid.

America needs to thin the fucking herd. Where’s a World War when you need one? Even another Civil War would do nicely. But no, nothing. :roll:
#15262043
Potemkin wrote:
America needs to thin the fucking herd. Where’s a World War when you need one? Even another Civil War would do nicely. But no, nothing. :roll:



Was thinking this *myself* the other day, in relation to *this* past event -- they couldn't just 'Vietnam' it....



Effect of the Plaza Accord

In 1985, a dramatic change began. Finance officials from major nations signed an agreement (the Plaza Accord) affirming that the dollar was overvalued (and, therefore, the yen undervalued). This agreement, and shifting supply and demand pressures in the markets, led to a rapid rise in the value of the yen. From its average of ¥239 per US$ in 1985, the yen rose to a peak of ¥128 in 1988, virtually doubling its value relative to the dollar. After declining somewhat in 1989 and 1990, it reached a new high of ¥123 to US$ in December 1992. In April 1995, the yen hit a peak of under 80 yen/US$, temporarily making Japan's economy nearly the size of that of the US.[21]

https://en.wikipedia.org/wiki/Japanese_ ... aza_Accord



viewtopic.php?p=15262003#p15262003
#15262046
Potemkin wrote:America needs to thin the fucking herd. Where’s a World War when you need one? Even another Civil War would do nicely. But no, nothing. :roll:


Perhaps. Life is too good for these MAGA morons, that they have to make up all sorts of stupid imagined problems. I agree, that they need a real problem to be distracted by.
#15262049
Potemkin wrote:
America needs to thin the fucking herd. Where’s a World War when you need one? Even another Civil War would do nicely. But no, nothing. :roll:



Rancid wrote:
Perhaps. Life is too good for these MAGA morons, that they have to make up all sorts of stupid imagined problems. I agree, that they need a real problem to be distracted by.



Also....



Background

In a capitalist system, an enterprise is judged to be successful and efficient if it is profitable. To obtain maximum profits, producers may be restricting production rather than ensuring the maximum utilisation of resources. This strategy of restricting production by firms in order to obtain profits in a capitalist system or mixed economy is known as creating artificial scarcity.[1]

Artificial scarcity essentially describes situations where the producers or owners of a good restrict its availability to others beyond what is strictly necessary. Ideas and information are prime examples of unnecessarily scarce products given artificial scarcity



https://en.wikipedia.org/wiki/Artificial_scarcity



---


Social Production Worldview

Spoiler: show
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#15262069
Stupid fucking leftists are the biggest threat the west faces today.



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You know who you are, oxygen thieves. Go kill yourselves and make the world a more environmentally friendly place with many less people!
#15262071
BlutoSays wrote:
Stupid fucking leftists are the biggest threat the west faces today.


BlutoSays wrote:
You know who you are, oxygen thieves. Go kill yourselves and make the world a more environmentally friendly place with many less people!



Renewed culture-wars *bluster*, but what's it all *about*, anyway -- what's the 'hole in the bottom of the boat', exactly -- ?
#15262072
BlutoSays wrote:


Stupid fucking leftists are the biggest threat the west faces today.





After the loony tunes set off a global economic Great Depression, they will try and use the chaos.

By blaming "leftists", by installing a dictator, and killing democracy. They tried once before, and pretty much everyone was against it. Which is what will have to happen this time.

Btw, did you notice he's projecting? He knows he's the threat..
#15262114
This whole debt ceiling threat is just a bluff. The Repud Party's donors are rich and they will never let the Gov. default on the bonds they own. They also don't want to plunge the world into a depression at this time. So, they will tell enough Repuds in the House and Senate to vote for the bill to raise the debt ceiling.
The Dems should call their bluff.

.
#15262121
Steve_American wrote:
This whole debt ceiling threat is just a bluff.

The Repud Party's donors are rich and they will never let the Gov. default on the bonds they own. They also don't want to plunge the world into a depression at this time. So, they will tell enough Repuds in the House and Senate to vote for the bill to raise the debt ceiling.

The Dems should call their bluff.

.


Nope.

The radicals are not bluffing; and they have Kev by the balls.

But you are right about the other thing, the rich don't want default. What I am hoping is that a group of Republicans vote with the Dems to raise the ceiling.

The radicals haven't figured out that neutering the Speaker goes both ways..
#15263219
Istanbuller wrote:
It is better the US defaults on its debt. They will learn not to spend more than they earn.



That's pre-Medieval...

Way to go, while screw ups are routine here, that deserves some sort of award.

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#15263220
Istanbuller wrote:It is better the US defaults on its debt. They will learn not to spend more than they earn.

If the US defaults on its debt it has nothing to do with the economics or the maths regarding how much debt it has. Something even as 2x GDP is not unmanageable debt.
The US debt is a political issue, not an economical one. And there is also the issue of having a money printing press.. :lol:
#15263221
Istanbuller wrote:
It is better the US defaults on its debt. They will learn not to spend more than they earn.



You're assuming that there would *be* an 'after' -- the *world* economy hinges on U.S. cash right now, so....
#15263250
You just can't spend more you earn without printing more money each time. That is the main driver of inflation which led to economic destabilization.

The US government should default for good of American people. This will be the breaking point where the US and other major economies abandon their economic policies which do not work. Everyone will switch to libertarian economics which is scientific.

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