The Tea Party Says Nothing Will Happen If We Default

[Lonestar_logic]

We have about 3.2 trillion in legal obligations. If We the People fail to pay ALL of our obligations we go into default.

Bullshit.

How about providing a source.

You libs are all the same. you throw out bullshit numbers without anything to support it.

Current Issue: Monthly Treasury Statement: Publications & Guidance: Financial Management Service

You will all of the details in this PDF that is on the Treasury site above.

http://www.fms.treas.gov/mts/mts0813.pdf

Thanks.

I knew you were full of shit and you just proved it.

 

[Derideo_Te]

Bullshit.

How about providing a source.

You libs are all the same. you throw out bullshit numbers without anything to support it.

Current Issue: Monthly Treasury Statement: Publications & Guidance: Financial Management Service

You will all of the details in this PDF that is on the Treasury site above.

http://www.fms.treas.gov/mts/mts0813.pdf

Thanks.

I knew you were full of shit and you just proved it.

So given that you could not refute anything in the provided links and have resorted to name calling vulgarities instead I will take that as you tacitly conceding this point. Have a nice day.

 

[Lonestar_logic]

Current Issue: Monthly Treasury Statement: Publications & Guidance: Financial Management Service

You will all of the details in this PDF that is on the Treasury site above.

http://www.fms.treas.gov/mts/mts0813.pdf

Thanks.

I knew you were full of shit and you just proved it.

So given that you could not refute anything in the provided links and have resorted to name calling vulgarities instead I will take that as you tacitly conceding this point. Have a nice day.

Hey idiot what you showed was a total budget cost.

And your claim was we HAD to have over 3 trillion just to meet our obligations.


Tell me, did you keep a straight face while posting that bullshit?

 

[Derideo_Te]

Thanks.

I knew you were full of shit and you just proved it.

So given that you could not refute anything in the provided links and have resorted to name calling vulgarities instead I will take that as you tacitly conceding this point. Have a nice day.

Hey idiot what you showed was a total budget cost.

And your claim was we HAD to have over 3 trillion just to meet our obligations.


Tell me, did you keep a straight face while posting that bullshit?

Perhaps if you read what I actually posted you might not be so confused.

We have about 3.2 trillion in legal obligations. If We the People fail to pay ALL of our obligations we go into default.

 

[Lonestar_logic]

So given that you could not refute anything in the provided links and have resorted to name calling vulgarities instead I will take that as you tacitly conceding this point. Have a nice day.

Hey idiot what you showed was a total budget cost.

And your claim was we HAD to have over 3 trillion just to meet our obligations.


Tell me, did you keep a straight face while posting that bullshit?

Perhaps if you read what I actually posted you might not be so confused.

We have about 3.2 trillion in legal obligations. If We the People fail to pay ALL of our obligations we go into default.

Yea and what you posted is utter bullshit.

 

[Derideo_Te]

Hey idiot what you showed was a total budget cost.

And your claim was we HAD to have over 3 trillion just to meet our obligations.


Tell me, did you keep a straight face while posting that bullshit?

Perhaps if you read what I actually posted you might not be so confused.

We have about 3.2 trillion in legal obligations. If We the People fail to pay ALL of our obligations we go into default.

Yea and what you posted is utter bullshit.

Perhaps you might try sharing your feelings with the Treasury dept. They will be thrilled to learn that there is some Tea Party magic way to pay all 3.2 trillion of their legal obligations with only 2.5 trillion of income.

 

[KissMy]

The United States defaulted on some Treasury bills in April 1979 we paid a steep price for stiffing bondholders, because the interest rates doubled. They went from 8% to 16% & it took 8 long years before rates came back down to 8%. This would destroy the US economy if it happened today. Yet we now are intentionally going to default. Bondholders will certainly be more pissed about that than they were for the mistake in 1979.

Treasury blamed it on the failure of Congress to act in a timely fashion on the debt ceiling legislation in April 1979. The bond holders had to join a class action lawsuit & sue the Federal Government to get the rest of their money.

 

[Lonestar_logic]

Perhaps if you read what I actually posted you might not be so confused.

Yea and what you posted is utter bullshit.

Perhaps you might try sharing your feelings with the Treasury dept. They will be thrilled to learn that there is some Tea Party magic way to pay all 3.2 trillion of their legal obligations with only 2.5 trillion of income.

You people are seriously stupid.

 

[Derideo_Te]

Yea and what you posted is utter bullshit.

Perhaps you might try sharing your feelings with the Treasury dept. They will be thrilled to learn that there is some Tea Party magic way to pay all 3.2 trillion of their legal obligations with only 2.5 trillion of income.

You people are seriously stupid.

Ironic coming from those who believe that there won't be a default if the debt ceiling is not raised.

 

[KissMy]

ISDA considers a credit event a 3 day delinquent payment on market rate bonds. They don't consider SS trust fund default a credit event.

However, the US Treasury does not currently have the ability to prioritize payments. So a credit event will happen just like in 1979 because we flirted with default to close to the deadline.

 

[Lonestar_logic]

Perhaps you might try sharing your feelings with the Treasury dept. They will be thrilled to learn that there is some Tea Party magic way to pay all 3.2 trillion of their legal obligations with only 2.5 trillion of income.

You people are seriously stupid.

Ironic coming from those who believe that there won't be a default if the debt ceiling is not raised.

There will not be a default on our debt. There never has been and there never will be regardless of whether the debt ceiling is raised or not. You people can't even do simple math.

There is 0% chance that the US will be forced to default on the debt.

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” Alan Greenspan

“In the case of United States, default is absolutely impossible. All U.S. government debt is denominated in U.S. dollar assets.” Peter Zeihan, Vice President of Analysis for STRATFOR

“In the case of governments boasting monetary sovereignty and debt denominated in its own currency, like the United States (but also Japan and the UK), it is technically impossible to fall into debt default.” Erwan Mahe, European asset allocation and options strategies adviser

“There is never a risk of default for a sovereign nation that issues its own free-floating currency and where its debts are denominated in that currency.” Mike Norman, Chief Economist for John Thomas Financial

“There is no inherent limit on federal expenses and therefore on federal spending…When the U.S. government decides to spend fiat money, it adds to its banking reserve system and when it taxes or borrows (issues Treasury securities) it drains reserves from its banking system. These reserve operations are done solely to maintain the target Federal Funds rate.” Monty Agarwal , managing partner and chief investment officer of MA Managed Futures Fund

“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.” Federal Reserve Bank of St. Louis

“A sovereign government can always make payments as they come due by crediting bank accounts — something recognized by Chairman Ben Bernanke when he said the Fed spends by marking up the size of the reserve accounts of banks.” L. Randall Wray, Professor of Economics at the University of Missouri-Kansas City and a Senior Scholar at the Levy Economics Institute

 

[Derideo_Te]

You people are seriously stupid.

Ironic coming from those who believe that there won't be a default if the debt ceiling is not raised.

There will not be a default on our debt. There never has been and there never will be regardless of whether the debt ceiling is raised or not. You people can't even do simple math.

There is 0% chance that the US will be forced to default on the debt.

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” Alan Greenspan

“In the case of United States, default is absolutely impossible. All U.S. government debt is denominated in U.S. dollar assets.” Peter Zeihan, Vice President of Analysis for STRATFOR

“In the case of governments boasting monetary sovereignty and debt denominated in its own currency, like the United States (but also Japan and the UK), it is technically impossible to fall into debt default.” Erwan Mahe, European asset allocation and options strategies adviser

“There is never a risk of default for a sovereign nation that issues its own free-floating currency and where its debts are denominated in that currency.” Mike Norman, Chief Economist for John Thomas Financial

“There is no inherent limit on federal expenses and therefore on federal spending…When the U.S. government decides to spend fiat money, it adds to its banking reserve system and when it taxes or borrows (issues Treasury securities) it drains reserves from its banking system. These reserve operations are done solely to maintain the target Federal Funds rate.” Monty Agarwal , managing partner and chief investment officer of MA Managed Futures Fund

“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.” Federal Reserve Bank of St. Louis

“A sovereign government can always make payments as they come due by crediting bank accounts — something recognized by Chairman Ben Bernanke when he said the Fed spends by marking up the size of the reserve accounts of banks.” L. Randall Wray, Professor of Economics at the University of Missouri-Kansas City and a Senior Scholar at the Levy Economics Institute

So your Tea Party "magic solution" is Hyper Inflation instead? That will send currency markets reeling, wipe out the savings that the elderly depend upon, destroy the purchasing power of the average consumer and cause another massive recession. Causing that much harm to America sounds like an Al Queda wet dream to me.

 

[Geaux4it]

Ironic coming from those who believe that there won't be a default if the debt ceiling is not raised.

There will not be a default on our debt. There never has been and there never will be regardless of whether the debt ceiling is raised or not. You people can't even do simple math.

There is 0% chance that the US will be forced to default on the debt.

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” Alan Greenspan

“In the case of United States, default is absolutely impossible. All U.S. government debt is denominated in U.S. dollar assets.” Peter Zeihan, Vice President of Analysis for STRATFOR

“In the case of governments boasting monetary sovereignty and debt denominated in its own currency, like the United States (but also Japan and the UK), it is technically impossible to fall into debt default.” Erwan Mahe, European asset allocation and options strategies adviser

“There is never a risk of default for a sovereign nation that issues its own free-floating currency and where its debts are denominated in that currency.” Mike Norman, Chief Economist for John Thomas Financial

“There is no inherent limit on federal expenses and therefore on federal spending…When the U.S. government decides to spend fiat money, it adds to its banking reserve system and when it taxes or borrows (issues Treasury securities) it drains reserves from its banking system. These reserve operations are done solely to maintain the target Federal Funds rate.” Monty Agarwal , managing partner and chief investment officer of MA Managed Futures Fund

“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.” Federal Reserve Bank of St. Louis

“A sovereign government can always make payments as they come due by crediting bank accounts — something recognized by Chairman Ben Bernanke when he said the Fed spends by marking up the size of the reserve accounts of banks.” L. Randall Wray, Professor of Economics at the University of Missouri-Kansas City and a Senior Scholar at the Levy Economics Institute

So your Tea Party "magic solution" is Hyper Inflation instead? That will send currency markets reeling, wipe out the savings that the elderly depend upon, destroy the purchasing power of the average consumer and cause another massive recession. Causing that much harm to America sounds like an Al Queda wet dream to me.

85 billion a month in funny money printing will do the same, but sooner

-Geaux

 

[Lonestar_logic]

Ironic coming from those who believe that there won't be a default if the debt ceiling is not raised.

There will not be a default on our debt. There never has been and there never will be regardless of whether the debt ceiling is raised or not. You people can't even do simple math.

There is 0% chance that the US will be forced to default on the debt.

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” Alan Greenspan

“In the case of United States, default is absolutely impossible. All U.S. government debt is denominated in U.S. dollar assets.” Peter Zeihan, Vice President of Analysis for STRATFOR

“In the case of governments boasting monetary sovereignty and debt denominated in its own currency, like the United States (but also Japan and the UK), it is technically impossible to fall into debt default.” Erwan Mahe, European asset allocation and options strategies adviser

“There is never a risk of default for a sovereign nation that issues its own free-floating currency and where its debts are denominated in that currency.” Mike Norman, Chief Economist for John Thomas Financial

“There is no inherent limit on federal expenses and therefore on federal spending…When the U.S. government decides to spend fiat money, it adds to its banking reserve system and when it taxes or borrows (issues Treasury securities) it drains reserves from its banking system. These reserve operations are done solely to maintain the target Federal Funds rate.” Monty Agarwal , managing partner and chief investment officer of MA Managed Futures Fund

“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.” Federal Reserve Bank of St. Louis

“A sovereign government can always make payments as they come due by crediting bank accounts — something recognized by Chairman Ben Bernanke when he said the Fed spends by marking up the size of the reserve accounts of banks.” L. Randall Wray, Professor of Economics at the University of Missouri-Kansas City and a Senior Scholar at the Levy Economics Institute

So your Tea Party "magic solution" is Hyper Inflation instead? That will send currency markets reeling, wipe out the savings that the elderly depend upon, destroy the purchasing power of the average consumer and cause another massive recession. Causing that much harm to America sounds like an Al Queda wet dream to me.

No, my solution is for our government to STOP WASTING OUR MONEY!!

You liberals want big government and that means more of your tax dollars are needed to fund it.
And you people are too stupid to see that the government is not the answer, they're the problem!!

 

[Derideo_Te]

There will not be a default on our debt. There never has been and there never will be regardless of whether the debt ceiling is raised or not. You people can't even do simple math.

There is 0% chance that the US will be forced to default on the debt.

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” Alan Greenspan

“In the case of United States, default is absolutely impossible. All U.S. government debt is denominated in U.S. dollar assets.” Peter Zeihan, Vice President of Analysis for STRATFOR

“In the case of governments boasting monetary sovereignty and debt denominated in its own currency, like the United States (but also Japan and the UK), it is technically impossible to fall into debt default.” Erwan Mahe, European asset allocation and options strategies adviser

“There is never a risk of default for a sovereign nation that issues its own free-floating currency and where its debts are denominated in that currency.” Mike Norman, Chief Economist for John Thomas Financial

“There is no inherent limit on federal expenses and therefore on federal spending…When the U.S. government decides to spend fiat money, it adds to its banking reserve system and when it taxes or borrows (issues Treasury securities) it drains reserves from its banking system. These reserve operations are done solely to maintain the target Federal Funds rate.” Monty Agarwal , managing partner and chief investment officer of MA Managed Futures Fund

“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.” Federal Reserve Bank of St. Louis

“A sovereign government can always make payments as they come due by crediting bank accounts — something recognized by Chairman Ben Bernanke when he said the Fed spends by marking up the size of the reserve accounts of banks.” L. Randall Wray, Professor of Economics at the University of Missouri-Kansas City and a Senior Scholar at the Levy Economics Institute

So your Tea Party "magic solution" is Hyper Inflation instead? That will send currency markets reeling, wipe out the savings that the elderly depend upon, destroy the purchasing power of the average consumer and cause another massive recession. Causing that much harm to America sounds like an Al Queda wet dream to me.

No, my solution is for our government to STOP WASTING OUR MONEY!!

You liberals want big government and that means more of your tax dollars are needed to fund it.
And you people are too stupid to see that the government is not the answer, they're the problem!!

In which case your Tea Party "magic Hyper Inflation solution" won't work for two obvious reasons. Firstly printing additional currency doesn't reduce spending and secondly it gives the government the power go on an unlimited spending spree since it can just print whatever money it needs whenever it passes new legislation.

Better come up with another strategy because so far everything you have proposed only makes everything worse, far far worse than it is currently.

 

[Lonestar_logic]

So your Tea Party "magic solution" is Hyper Inflation instead? That will send currency markets reeling, wipe out the savings that the elderly depend upon, destroy the purchasing power of the average consumer and cause another massive recession. Causing that much harm to America sounds like an Al Queda wet dream to me.

No, my solution is for our government to STOP WASTING OUR MONEY!!

You liberals want big government and that means more of your tax dollars are needed to fund it.
And you people are too stupid to see that the government is not the answer, they're the problem!!

In which case your Tea Party "magic Hyper Inflation solution" won't work for two obvious reasons. Firstly printing additional currency doesn't reduce spending and secondly it gives the government the power go on an unlimited spending spree since it can just print whatever money it needs whenever it passes new legislation.

Better come up with another strategy because so far everything you have proposed only makes everything worse, far far worse than it is currently.

The US will not default no matter how many times you say we will.

You're only scaring yourself.

 

[Derideo_Te]

No, my solution is for our government to STOP WASTING OUR MONEY!!

You liberals want big government and that means more of your tax dollars are needed to fund it.
And you people are too stupid to see that the government is not the answer, they're the problem!!

In which case your Tea Party "magic Hyper Inflation solution" won't work for two obvious reasons. Firstly printing additional currency doesn't reduce spending and secondly it gives the government the power go on an unlimited spending spree since it can just print whatever money it needs whenever it passes new legislation.

Better come up with another strategy because so far everything you have proposed only makes everything worse, far far worse than it is currently.

The US will not default no matter how many times you say we will.

You're only scaring yourself.

I prefer REALITY over your Tea Party fantasy that everything will be just peachy keen after you push the nation into an economic abyss.

 

[NYcarbineer]

The United States defaulted on some Treasury bills in April 1979 we paid a steep price for stiffing bondholders, because the interest rates doubled. They went from 8% to 16% & it took 8 long years before rates came back down to 8%. This would destroy the US economy if it happened today. Yet we now are intentionally going to default. Bondholders will certainly be more pissed about that than they were for the mistake in 1979.

Treasury blamed it on the failure of Congress to act in a timely fashion on the debt ceiling legislation in April 1979. The bond holders had to join a class action lawsuit & sue the Federal Government to get the rest of their money.

That's an interesting theory but the real reason interest rates went up precipitously from late 1979 on was that Jimmy Carter appointed Paul Volcker to the Fed and he promptly began jacking up Fed fund rates and the like,

to kill the inflation spiral.

 

[Geaux4it]

 

[Lonestar_logic]

Perhaps you might try sharing your feelings with the Treasury dept. They will be thrilled to learn that there is some Tea Party magic way to pay all 3.2 trillion of their legal obligations with only 2.5 trillion of income.

You people are seriously stupid.

Ironic coming from those who believe that there won't be a default if the debt ceiling is not raised.

We will not default and only idiots think we will.