US Treasury Sec Yellen: US debt default would be disastrous

The jepordy is the dumb-fkuc US Deficit Cap. The debt ceiling was raised 74 times from March 1962 to May 2011, including 18 times under Ronald Reagan, eight times under Bill Clinton, seven times under George W. Bush, and five times under Barack Obama. In practice, the debt ceiling has never been reduced, even though the public debt itself may have reduced.
All the BS about it being essential legislation ..never to be repealed..but reinforced as a brake on reckless and irresponsible government spending clearly is just that ..fingerwagging partisan BS.

It DOESNT work.
It HASNT worked
Its NEVER worked..
. it didnt even manage to keep US out of WW1 which it was originally passed to do. It just creates danger of Government shut-down.. debt defaults and promotes Washington swamp gameplaying between major parties as this time around.

Progress in life depends on doing More of what WORKS and Less of what Doesnt..
Which bit do folk not understand.
Dump it.

Another good read you guys are on form tx.
In a nutshell 1 balance the books 2 less governance.
Difficult to do as the western world is "in blood stepped". To quote a well known Englishman.

Sure, let's not put a limit on what a government can spend.
I will set up a chain of "wheelbarrow stores", so people can have an easy way to carry their cash to buy groceries ...
The loonie left never ceases to entertain ..

https://www.forbes.com/sites/adammil...h=4c52b15a4ad6

There is no limit anyway it’s a facade that’s what we are telling you. Wheelbarrows is where it will end up as smart money is already moving to other harder assets on exters pyramid

Print moooooo toilet paper

Without an increase in the debt ceiling the US would be forced to default, says Yellen.

Yes, the US is insolvent, but look, if you can sign this piece of paper all will seem well and there will be a new truth.

Trumpy said it was OK???

@Ross great post

If it happens. But it's the can they kick along the road every five to ten years. Trump did it. Obama did it. Ultimately, the US failing in this respect hurts... all interest groups... so it's one of the things Republicans and Democrats tend to agree about.

us dollar in real real danger. this would puch all currencies up in a short time. all currencies are heavily oversold and dollar is overbought