Consequences of a US default

[Teatownclown]

Brit pol Vince Cable: 'Right-wing nutters' stop debt deal


http://www.politico.com/news/stories/0711/59802.html


" A top British finance minister says the world's biggest economic threat is from "right-wing nutters" in Congress who would send the U.S. government into default. "

Do we have to wait until the TeaBaggers discover that they've been used? That they've been bamboozled into voting against their self-interest, over and over? I doubt that will be effective, since I don't see anyone re-educating them.  The right-wing echo chamber will distract them with fear mongering about same-sex marriage in New York and abortions and non-white presidents and blond-haired, blue-eyed xtian terrorist who must really be working for muslims because we know that white xtians don't commit acts of terror.

Take a look around TNF to see all the nobody's lying around.....

[Conan71]

For your reference:

A nice slideshow detailing who actually owns our debt, and who would be affected by a default.  

http://www.businessinsider.com/who-owns-us-debt-2011-7#

China isn't as big of a creditor as you probably think.

That's supposed to make us feel good?

The fact remains we still have a serious problem of the government living beyond it's means.

Take a look around TNF to see all the nobody's lying around.....

WTH are you getting at?

[heironymouspasparagus]

That goes to the heart of the whole delusion being passed off by the RWRE Murdochians.  It is NOT yours!  "Yours" was given up when you voted for all the people in the last 30 years that have pushed this country so deep into debt.  Trillion for "Star Wars".  Another trillion to run Russia into the ground by spending them to death.  Another 3 - 4 trillion for misspent on the wrong war (Iraq).  A trillion here...a trillion there...

To use the RWRE favorite business analogy;  it is as if you had $100,000 of credit card debt on a $100,000 per year income.  Only the RWRE would make such an absurd, insane assertion that the income was "theirs".  No, it isn't.  It belongs to the credit card company.  Just like the national debt belongs to our note and bond holders.  And the country OWES that much.

[Conan71]

That goes to the heart of the whole delusion being passed off by the RWRE Murdochians.  It is NOT yours!  "Yours" was given up when you voted for all the people in the last 30 years that have pushed this country so deep into debt.  Trillion for "Star Wars".  Another trillion to run Russia into the ground by spending them to death.  Another 3 - 4 trillion for misspent on the wrong war (Iraq).  A trillion here...a trillion there...

To use the RWRE favorite business analogy;  it is as if you had $100,000 of credit card debt on a $100,000 per year income.  Only the RWRE would make such an absurd, insane assertion that the income was "theirs".  No, it isn't.  It belongs to the credit card company.  Just like the national debt belongs to our note and bond holders.  And the country OWES that much.

So you don't own the fruits of your productivity?  The government owns it?

[Gaspar]

So you don't own the fruits of your productivity?  The government owns it?

You only own what the government thinks you deserve. 

I mean, at some point you've made enough.

You need to pay your fare share.

Spread the wealth.

Why should you keep money that you don't need?

[heironymouspasparagus]

No, that is not what I said.  (You know that - don't go guido...)

The owners of the notes and bonds issued by the US Treasury own your 'proportional' part of your productivity.  We are indebted to the tune of 14 trillion.  You know what that means to your business AND what it means to the country.


Think what we could have done with an extra 14 trillion running around in the economy instead of paying interest on it!!

[Teatownclown]

That's supposed to make us feel good?

The fact remains we still have a serious problem of the government living beyond it's means.


WTH are you getting at?

I know how hard it is for people to look inside and see the real nobody's that confuse this debate over debt ceiling with deficit control. What am I getting at? A certain mind set that is not patriotic and works contrary to what's best for America. Government doesn't live beyond it's means people do.

Last week I was sitting with some young couples who were admiring Toronto for it's cleanliness and the good attitudes everyone seemed to have during their recent visit there. Then they proceeded to go on a rant about our tax rates in the US. Amazing how dislodged people are from what it means to work together for the betterment of society. The relationship and trade-offs between tax proceeds and allocations to help others just went right over these young zealot heads.

[we vs us]

http://online.wsj.com/article/SB10001424053111903520204576482130573413062.html

Totally digging the stabilizing effects this debt ceiling "debate" has had on our fragile economy.

Hint:  from the article, so much cash flooded back into standard savings accts from market investments that one suggestion amongst bankers was to consider charging "negative interest rates" on the buckets of useless cash coming in.

Not so much a rush to quality as a rush from batshitinsanery.

[Conan71]

http://online.wsj.com/article/SB10001424053111903520204576482130573413062.html

Totally digging the stabilizing effects this debt ceiling "debate" has had on our fragile economy.

Hint:  from the article, so much cash flooded back into standard savings accts from market investments that one suggestion amongst bankers was to consider charging "negative interest rates" on the buckets of useless cash coming in.

Not so much a rush to quality as a rush from batshitinsanery.

Hate to burst your bubble, but it's the flavor of the week. With the relative instant gratification of electronic money transfers as well as being able to trade all sorts of investments in seconds, it could all go to smile again by the end of the week.   Wait till all the details come out or there's a negative job report, or a volcano spews a little ash down around New Zealand. 

IOW- Immediate euphoria was not unexpected, what's the over/under on how long it lasts?