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

[Mortblanc]

Please keep in mind that raising the debt limit has nothing to do with defaulting on obligations. The U.S. has plenty of revenues for payment of debt and interest without unlimited borrowing capacity. Default is a choice, not an automatic process.

When watching world news and the world stock exchanges and the Americans watching the FED and government from day to day on the political stage, folks can not see the process unfold over here as some of us do. All that political ranting is a smoke screen.

Due to our long term recession, 1/3 of the U.S population is now eating and shopping for food by using government issued debit cards.

Last weekend the government blocked the use of those cards in certain major cities as a test. It worked very well. General panic and disruption.

It was not just Walmart, they also had the banks and any retailer that accepted the government debit cards in limbo. The banks were under siege in the cyber world as early as last Thursday. All cash withdrawals had to get special approval and release from someone on the other end of a phone line. I have never seen that required before!

The individual States of our nation have now been notified (this week) that if the Administration does not get its way (total autocratic control of taxing and spending) all debit cards will be deactivated on November 1/2013.

November 1 is on a Friday, giving the masses a full weekend of looting and riot time before the government gathers again on Monday.

Gentlemen, I fear that one hundred pounds will not be nearly enough!

Even in England.

Remember that the number one foreign investor in U.S. industry, manufacturing and technology is GB. A vast amount of your national wealth is tied up in U.S. financing and controlled by U.S. law, and the rule of law controls its stability. If we fall you in England have up to 18 hours, depending on the time of day the event occurs, for your stock markets to react.

[Binnie]

Some great responses to this thread, many thanks to all contributors!

Certainly a lot to consider and plan for

[LawAbidingCitizen]

(16 October 2013, 16:53)Mortblanc Wrote: Please keep in mind that raising the debt limit has nothing to do with defaulting on obligations. The U.S. has plenty of revenues for payment of debt and interest without unlimited borrowing capacity. Default is a choice, not an automatic process.

When watching world news and the world stock exchanges and the Americans watching the FED and government from day to day on the political stage, folks can not see the process unfold over here as some of us do. All that political ranting is a smoke screen.

Due to our long term recession, 1/3 of the U.S population is now eating and shopping for food by using government issued debit cards.

Last weekend the government blocked the use of those cards in certain major cities as a test. It worked very well. General panic and disruption.

It was not just Walmart, they also had the banks and any retailer that accepted the government debit cards in limbo. The banks were under siege in the cyber world as early as last Thursday. All cash withdrawals had to get special approval and release from someone on the other end of a phone line. I have never seen that required before!

The individual States of our nation have now been notified (this week) that if the Administration does not get its way (total autocratic control of taxing and spending) all debit cards will be deactivated on November 1/2013.

November 1 is on a Friday, giving the masses a full weekend of looting and riot time before the government gathers again on Monday.

Gentlemen, I fear that one hundred pounds will not be nearly enough!

Even in England.

Remember that the number one foreign investor in U.S. industry, manufacturing and technology is GB. A vast amount of your national wealth is tied up in U.S. financing and controlled by U.S. law, and the rule of law controls its stability. If we fall you in England have up to 18 hours, depending on the time of day the event occurs, for your stock markets to react.

The bonds market in particular, probably the main reason we did not join the single European currency.

[Jonas]

Quote:The individual States of our nation have now been notified (this week) that if the Administration does not get its way (total autocratic control of taxing and spending) all debit cards will be deactivated on November 1/2013.

November 1 is on a Friday, giving the masses a full weekend of looting and riot time before the government gathers again on Monday.

Mort, do you have a confirming link on this?

[bigpaul]

looks like they've agreed at last and put off the inevitable for 3 months, starts again in January 2014!!

[Skean Dhude]

Binnie, Good try but you got two answers the other posts are all political. Closed.