Good Article Summarizing Threats To U.s. Dollar

Good heavens. You don't actually believe I go LOOKING for a panic trigger , do you. all i am trying to do is make the best choices based on what is happening and i can't very well do that unless I read/ watch the news. At least I did find out one bit of good news. June SS payments are expected to go out as scheduled. At minimum, that buys me some time. That's a good thing . Right ?

 

Yes, indeed , you were absolutely right in your post #51. I had been looking at too many youtube videos, but because of your suggestion I did a little more digging for OTHER sources and when I found a quote from Forbes magazine that confirmed what you had said. Thank you

 

It's ok. We get what you are saying and you are trying to warn us of the oncoming train, in case we don't see it.
I don't happen to like to travel. I did enjoy the journeys we went on years ago. But I stayed out of debt and got things that could be used in the future, not frivolloties. (?) I was told that I was foolish not to mortgage my house and put it into the stock market. A friend pushed, why would I not buy such and such since I had the money? So I could buy income producing things.
With all the credit bailout commercials, I do feel a bit foolish And tax relief? I paid mine how do they get out of paying theirs?
I tell my kids, sometimes, we have money because we did without. Today, that is not the philosophy. I feel the Great Depression even if I didn't live it.
I do feel your fear and we all have health issues we deal with the best we can.
But there is always a way. You just have to find it. And it won't be easy. Be glad for the internet because the answer is different for each of us.
I do all I can to avoid the government but take what they can give as they can. And they make it more difficult.

 

Those tax relief commercials just make me think, "If they owed the IRS $250,000 and only paid $2500, who paid the rest of what they owed? Probably those of us who paid what we owed for our entire lives."

 

So much theater to keep everyone they can, live in fear.

 

There are only 8 days left until the end of this past years fiscal period. From what I have been able to gather on the news, it is beginning to look like the talks between Congress and POTUS are not achieving anything at all toward creating next years budget.

Both the House of Rep's and the Senate are saying that they each have "red lines" beyond which they refuse to negotiate.

The Republican House is saying they want significant cuts in spending and theyrefuse to raise taxes.The Democrat Senate is saying, they want to raise taxes and continue spending .

Both, houses of Congress and POTUS, are saying that the U.S. has never defaulted on its national debt. BUT, if that were to happen, many debts would go unpaid, including stop paying the military and every contractor who gets paid by the federal gov't. There would most certainly be a significant down turn in the stock market and millions of Americans would lose a percentage of their assets. S&P has already started to fall. Banks would raise their interest rates for new loans to businesses and individuals.. It has also been suggested that it would put up to one million people out of work because people would dramatically slow down their buying. Moreover, and perhaps the biggest issue would be that the U.S would lose its tripe A credit rating and some lenders (mostly other nations) would put a freeze on American assets. Thus, we would be unable to borrow any more money.

One thing I have been able to determine is that the SSA would continue to make payments to retirees. Not only did other posters say that "yes, payments would continue as usual". Janet Yellson, Sec of Treasury said that SS payments are mandatory. Forbes magazine said SS payment would continue. AND, I finally got an answer from SSA which said payments will continue even if no budget is reached.

So, what say you ? Will the gov't default ?

 

I would love to find out what is in the portfolios of those who want to raise the debt ceiling.
Those Congress people who have major shares in war equipment would naturally want the U.S. to further supply Ukraine with more Abram tanks, helicopters and Maverick missiles not to mention all the equipment the soldiers carry.

 

I totally agree. New reforms are badly needed to keep congresspersons and senators from engaging in insider trading. There are laws against that for others who have information that the average citizen does not. But that is like asking alcoholics to pass a law against buying alcohol.

 

Another thread asks if time travel is possible. The democrats feel there is when they can raid $$$ from the future and bring it back to the present to spend now.

Personally, I would like to see the U.S. default on its debt just to actually see what happens. At the worst, it will probably just be a delay in the normal flow of business, but perhaps it will take a catastrophic result to take the debt seriously. They can't take the dept seriously if they can raise it whenever they want to. It's a luxury the citizens, who actually create the wealth and pay taxes, would love to have.

 

I think the same thing would happen in the U.S.as happens to any individual who goes bankrupt. His/her credit rating would plummet. No ability to get any loan. AND,even IF he/she could get a loan the interest rates would sky-rocket. Kinda like those places that offer loans on your car/ jewelry / electronics, etc. where the interest rate is through the roof. Business would fall off across the U.S. because everyone would tighten his/her belt, and millions of people would be out of work. It would be catastrophic.