US possible default on debts (non political posts only please)

[Scythe13]

I think that the US will probably not default. The limit they have $16.7trillion, is not a legally binding thing. It's self imposed. So technically Obama can continue to borrow and get the Fed to print more money...providing other countries are willing to lend to the US. Which is likely, because otherwise they would be cashing in their bonds that funded all the QE's.

It's more likely that Obama would screw people over, instead of default on their debts. Veterans wouldn't get paid, firemen, police officers, and military personal may have their pay 'suspended' for a week or 2. Then the government would have to tax more people to get enough money to pay the bills. That's when the Americans realise that America was founded on a Tax Revolution, that involved lots of Tea in Boston.

As a direct threat, I'd say minimal. However, the possible knock on effect, of say 4 days later, that'll be a much more interesting situation.

Think about US imports. They'll grind to a halt. So anything in your preps that's made in the USA...get more while you can.

Further to this, oil will jump in price, as will food and anything that requires transport to function. Namely, everything in the shops will increase in cost. However, this largely depends on whether the currency markets adjust the dollar properly and promptly. Our government may also cash in their dollars for pounds, which could also cause inflation in this country. It's unlikely, but possible.

The best thing to do, prep-wise, in this situation, is to look at things that you want to have stored up and get them in order asap. Things like fuel, silver, gold, and anything else usually valued by the dollar. Next up, think about the products you order from the US. If there are any, you want to get them shipped in the next 24-36 hours. There is potentially a huge crash coming that could stop your items moving anywhere. Having said all that, there is also the potential that it's just a blip and Obama will get the printing presses rolling until smoke starts billowing. Whether that smoke is from the machines or on the streets...we cannot be too sure.

Hopefully our American members could give us a bit of a heads up on what's going on?