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Author Topic: US Reaches Debt Ceiling, China Bond Auctions Fail  (Read 1979 times)
benjamindees
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May 16, 2011, 09:08:08 PM
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http://www.zerohedge.com/article/treasury-confirms-debt-ceiling-be-breached-today-will-tap-pension-funds

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It's official: the US credit card has officially been maxed out, just as we predicted on Wednesday, and throughout Q1 and Q2. The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said.

http://www.zerohedge.com/article/two-chinese-bond-auctions-fail

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And while the US is no longer allowed to auction off debt, in China the PBoC appears to be no longer able to auction off debt.


So, it appears the US has finally, after a decade of profligate spending and three years of de-facto recession, reached it's limit and begun to raid the retirement funds of government workers in order to prolong the three-ring circus they call an economy.  Plans are in place to expand this to individual 401k's.

All this as China appears to be showing the first overt signs of economic vulnerability.

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BitterTea
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May 16, 2011, 09:36:26 PM
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Plans are in place to expand this to individual 401k's.

Where did you find this information? Maybe my girlfriend will stop nagging me to start contributing to a 401k and laughing when I say that bitcoin is my retirement plan. Smiley
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May 16, 2011, 10:07:46 PM
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Quote from: BitterTea
Where did you find this information?

Old news:

http://market-ticker.org/cgi-ticker/akcs-www?post=168743

http://money.usnews.com/money/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans

http://www.zerohedge.com/article/demand-congress-pass-keep-your-hands-my-401k-act-2010

http://www.thenewamerican.com/usnews/politics/3478-obama-administration-plans-to-seize-401k-retirement-accounts

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May 17, 2011, 04:37:38 PM
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So how about we reduce spending, eh?  What a novel idea, that all the democrats and socialists of the country just don't seem to grasp.   Roll Eyes

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May 17, 2011, 04:41:47 PM
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Tell me you don't think the republicans will reduce spending...  Cheesy
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May 17, 2011, 04:43:26 PM
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Tell me you don't think the republicans will reduce spending...  Cheesy
Honestly, I doubt it.  But at least that's what they're "supposed" to stand for.  Dems are always for more spending, more give-aways to lazy people, more share the wealth, etc etc.

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May 17, 2011, 06:37:41 PM
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So how about we reduce spending, eh?  What a novel idea, that all the democrats and socialists of the country just don't seem to grasp.   Roll Eyes
Yeah, because wars all over the world and tax cuts really do help reducing the deficit... the only difference between both "sides" is that conservatives like to spend it on the rich and the democrats on the poor.

http://www.cbpp.org/cms/?fa=view&id=3036

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May 17, 2011, 06:44:58 PM
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So how about we reduce spending, eh?  What a novel idea, that all the democrats and socialists of the country just don't seem to grasp.   Roll Eyes
Yeah, because wars all over the world and tax cuts really do help reducing the deficit... the only difference between both "sides" is that conservatives like to spend it on the rich and the democrats on the poor.

http://www.cbpp.org/cms/?fa=view&id=3036

I never said anything about tax cuts.  I said reduce spending.

As in, let's stop all the silly welfare programs we have that let people sit on their lazy rear ends all day and collect government money for doing so.  Let's stop paying people for being "disabled" because they are overweight (a choice they had).  Let's stop paying for healthcare of illegal immigrants.  Let's stop letting people live off of financial aid from schools when they have no income, and staying in the school system for decades.  Let's stop handing out money to people who buy "green" energy stuff.  Let's stop medicaid.

Seriously, we just need to stop some of these things.  They're leeches on the government, they help encourage unproductivity, and they are only helping to push us further and further into national debt.

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May 18, 2011, 03:15:31 AM
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Quote from: SgtSpike
I never said anything about tax cuts.  I said reduce spending.

As in, let's stop all the silly welfare programs we have that let people sit on their lazy rear ends all day and collect government money for doing so.  Let's stop paying people for being "disabled" because they are overweight (a choice they had).  Let's stop paying for healthcare of illegal immigrants.  Let's stop letting people live off of financial aid from schools when they have no income, and staying in the school system for decades.  Let's stop handing out money to people who buy "green" energy stuff.  Let's stop medicaid.

Seriously, we just need to stop some of these things.  They're leeches on the government, they help encourage unproductivity, and they are only helping to push us further and further into national debt.

What are your thoughts on military spending?

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May 18, 2011, 04:42:37 AM
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Quote from: SgtSpike
I never said anything about tax cuts.  I said reduce spending.

As in, let's stop all the silly welfare programs we have that let people sit on their lazy rear ends all day and collect government money for doing so.  Let's stop paying people for being "disabled" because they are overweight (a choice they had).  Let's stop paying for healthcare of illegal immigrants.  Let's stop letting people live off of financial aid from schools when they have no income, and staying in the school system for decades.  Let's stop handing out money to people who buy "green" energy stuff.  Let's stop medicaid.

Seriously, we just need to stop some of these things.  They're leeches on the government, they help encourage unproductivity, and they are only helping to push us further and further into national debt.

What are your thoughts on military spending?
Case by case basis, really.  I don't necessarily agree with the wars we are involved in, but then again, we'd all be kicking ourselves if we let another 9/11 happen.

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May 18, 2011, 07:19:03 AM
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US is screwed

Bitcoin will rescue the US economy!

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May 18, 2011, 12:01:43 PM
 #12

Although I don't tend to agree with leftists, they are right when they say US military spendings are much more outrageous than welfare.

Welfare uses unethical means for helping people who frequently don't deserve it, causing bad consequences for the economy.
Military spending uses unethical means for killing and controlling innocent people, causing bad consequences for the economy.

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SgtSpike
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May 18, 2011, 03:35:04 PM
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Although I don't tend to agree with leftists, they are right when they say US military spendings are much more outrageous than welfare.

Welfare uses unethical means for helping people who frequently don't deserve it, causing bad consequences for the economy.
Military spending uses unethical means for killing and controlling innocent people, causing bad consequences for the economy.
You know what, you're totally right.  We should just let the rest of the world walk all over us.   Roll Eyes

Military spending doesn't purposefully kill innocent people.  War accidentally kills innocent people.  And terrorists don't negotiate, or I'm sure we would have avoided the whole situation to begin with.

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May 18, 2011, 04:52:38 PM
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You know what, you're totally right.  We should just let the rest of the world walk all over us.

That is just ridiculous. Since the end of WWI, the United States has walked all over the rest of the world. This is the fundamental cause of our "terrorist" problem.

Quote
Military spending doesn't purposefully kill innocent people.  War accidentally kills innocent people.  And terrorists don't negotiate, or I'm sure we would have avoided the whole situation to begin with.

Military spending necessitates the use of the military (war), and war necessitates additional military spending. Positive feedback loop.
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May 19, 2011, 06:15:07 AM
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Quote from: SgtSpike

You know what, you're totally right.  We should just let the rest of the world walk all over us.   Roll Eyes

Military spending doesn't purposefully kill innocent people.  War accidentally kills innocent people.  And terrorists don't negotiate, or I'm sure we would have avoided the whole situation to begin with.

There are five things wrong with this post. That's pretty impressive, given that it only contains six independent clauses.

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May 21, 2011, 04:03:55 PM
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Honestly, I doubt it.  But at least that's what they're "supposed" to stand for.  Dems are always for more spending, more give-aways to lazy people, more share the wealth, etc etc.

Then why was Clinton the only one to bring the deficit to nearly zero?

Our debt is largely because of
1) Reagan
2) Bush Sr.
3) Bush Jr.

In terms of what he is actually, personally responsible for (ie not for the commitments the prior ones made) Obama has not made significant spending increases.

That is just ridiculous. Since the end of WWI, the United States has walked all over the rest of the world. This is the fundamental cause of our "terrorist" problem.

We only walked over the Western Hemisphere (to the Phillipines anyway) before World War II. It wasn't until after WWII that we got into this military industrial complex nonsense.

So how about we reduce spending, eh?  What a novel idea, that all the democrats and socialists of the country just don't seem to grasp.   Roll Eyes
Yeah, because wars all over the world and tax cuts really do help reducing the deficit... the only difference between both "sides" is that conservatives like to spend it on the rich and the democrats on the poor.

http://www.cbpp.org/cms/?fa=view&id=3036

I never said anything about tax cuts.  I said reduce spending.

As in, let's stop all the silly welfare programs we have that let people sit on their lazy rear ends all day and collect government money for doing so.

Name one.

Most of them require that you make, at the very least, small copays.

Quote
  Let's stop paying people for being "disabled" because they are overweight (a choice they had).

For crying out loud, getting that money actually requires you or your family to have paid into social security in the first place. Is that money not yours, suddenly?

Quote
  Let's stop paying for healthcare of illegal immigrants.

Healthcare for non-payers (which is mostly legal Americans who had insurance but went bankrupt when the insurers decided not to pay) is only 5% of a hospital's costs. Compared to Medicare underpayment and excessive insurance overhead, it's merely a tangential issue.

Quote
  Let's stop letting people live off of financial aid from schools when they have no income, and staying in the school system for decades.

The financial aid program actually makes money (default repayment rates of 1.2! Jesus tapdancing Christ!)

Quote
  Let's stop handing out money to people who buy "green" energy stuff.

This would save you nothing in comparison to stopping all energy subsidies.

Quote
Let's stop medicaid.

Why just Medicaid? Why not Tricare and Medicare as well? And all of national defense? National defense is nothing more than an insurance program anyway, and you are far mroe affected by your neighbor's health than some insurgent in Iraq.

Quote
Seriously, we just need to stop some of these things.  They're leeches on the government, they help encourage unproductivity, and they are only helping to push us further and further into national debt.

Government spending, as a fraction of GDP, has not significantly increased over the past forty years. What has gone down are tax receipts - particularly corporate and high-income taxes. While low income-earners (those making less than three hundred thousand per year) have been paying a larger share of taxes to compensate.
mewantsbitcoins
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May 21, 2011, 04:51:14 PM
 #17

Case by case basis, really.  I don't necessarily agree with the wars we are involved in, but then again, we'd all be kicking ourselves if we let another 9/11 happen.

And this is the reason why things will never change.
US = Oil supply decreasing, demand increasing
Brown people half way round the world seem to have some of it.
Come on now - join the dots
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May 21, 2011, 05:21:51 PM
 #18

Here's my position, which I find to be the most reasonable of the methods by which to cut government spending:

Start cutting benefits for the rich, and taxes for the poor, and work your way to the middle.
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May 21, 2011, 05:32:25 PM
 #19

Here's my position, which I find to be the most reasonable of the methods by which to cut government spending:

Start cutting benefits for the rich, and taxes for the poor, and work your way to the middle.

http://www.youtube.com/watch?v=uad0gZN8KXs

 Grin
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May 21, 2011, 06:00:20 PM
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Hey, I said reasonable (in the sense that it would have the most benefit and least detriment), not likely to happen! Smiley
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