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Muzz
15th June 2011, 10:37
Fed chief Bernanke warns of US debt ceiling threat

The chairman of the US Federal Reserve, Ben Bernanke, has warned that the country's creditworthiness is at risk if its borrowing limit is not raised.

He said the US could lose its coveted AAA credit rating if Congress did not vote in favour of lifting the $14.3 trillion (8.7 trillion) debt ceiling.

If there is no deal by August, the US may start defaulting on obligations.

Vice-President Joe Biden and congressional leaders have resumed efforts to find a bipartisan solution.

They are trying to reach an agreement that would tie spending cuts with an increase in the debt limit. They are expected to discuss annual spending levels, budget process reforms, taxes and healthcare benefits.

"We're making real progress, we're down to the tough stuff now and everybody's still in the room," Mr Biden said after Tuesday's meeting.

President Barack Obama and the Speaker of the House of Representatives, John Boehner, want an agreement by 4 July.

Read more (http://www.bbc.co.uk/news/world-us-canada-13770390)

ghostrider
15th June 2011, 11:33
craziness, we owe more than we make, so lets not only borrow more but, raise our own limit. why not just make it infinite. ivy league educated people killing us with debt and we re-elect the same politicians. and people think they are not under mind control?

crosby
15th June 2011, 21:38
this is really pissing me off. the ba$tard$ created the problem in the first place and now they have the nerve to cry about it. let it fall. let the chips fall where they may and we'll see who's a$$ gets kicked in the end. i'm fed up with all of this stuff. the bottom line is: it needs to crash now. this will force all those that are responsible to stand up and take their fat lips like big boys. grrrrr. argh........ i don't know what i can say now i'm so irritated.
corson

thunder24
15th June 2011, 21:45
I am all for the present system to fail. I have been mentally preparing for this for years. However i do not think a lot of people that say out of emotion "let it crash" really understand what they will have to go through if the system does this. It appears that it will implode from the weight of its own greed, and I think this would be great, however, there are millions and possibly billions that do not comprehend the full ramifications of this crash. If we switch timelines, things will not be disastourous, however as it stands people will be hurting tremendously with out a switch.

peace

crosby
15th June 2011, 23:17
switching timelines may be something out of a fairy tale..... it isn't going to change this timeline and what is about to occur. and the ramifications from the this timeline will affect any and all others. and saying "let it crash" out of emotion is probably the only way many people can deal with this issue. and i know perfectly well what is about to happen, not only to me, but my family, my friends and you. it is a highly charged, emotional dilemma. none of us are going to come out of this without plenty of pain and anguish. the only shining star aspect is that the culprits will take the beating that they deserve.
corson

Rocky_Shorz
15th June 2011, 23:29
actually Corson, the system really isn't going to fail and all this drama over the banking industry is smoke and mirrors...

if the debt ceiling isn't raised, we have 2.2 Trillion of Tax Payer money we have printed for bankers to keep them afloat. It was meant to stimulate the economy, but bankers greed has prevented it from going to the people.

there is over 2 Trillion that never touches the bank in America, legally and another 1-2 Trillion in black market...

added together there is more than enough to get the system rolling again, but it will take bankers to do their part.

if the tea party refuses to compromise on cuts, their Masters the Bankers will cover the difference from their 2.2 Trillion that tax payers are paying interest on.

crosby
16th June 2011, 08:11
that 2.2 trillion dollar tax payer money will never be seen by the people, the two trillion that never touches u.s. banks will be coveted by any elitest outside of this country that can and will get their hands on it and 1-2 trillion in the black market? very few will be able to work the magic on that. it may very well be smoke and mirrors, for the sake of keeping people occupied with fear, but many people are suffering right now, and many more will continue to suffer because of the "smoke and mirror" affect that has hit this economy and is spreading across the globe. so it isn't just smoke and mirrors. this is a real problem that the masters and the bankers have brought down on the heads of the commoners.

everyone is going to be affected by this. many people already have been. the only things that will stop this nonsense is to stop printing fiat money, let the system take the fall, add several million new jobs and begin again.
corson

GlassSteagallfan
16th June 2011, 18:34
the only things that will stop this nonsense is to stop printing fiat money, let the system take the fall, add several million new jobs and begin again.
corson

You're almost right corson. But a failed financial system is a recipe for genocide. Why aren't the several million new jobs already there? Because genocide is the stated policy of the elite. We will have it....

UNLESS.. we control the collapse. How? By the passage of HR 1489: Return to prudent banking. Return to Glass Steagall banking system. There are big plans to bring about stability here in the U.S. after we purge the parasites. Millions upon millions of jobs repairing our rivers and waterway as well as transportation systems. If fact, we may have to import workers.

The passage of HR 1489 takes the power AWAY from Wall St and London and puts it back in the hands of our Federal Govt.

Support it or become a statistic.

Executive Intelligence Review's Jeffrey Steinburg updates the Glass Steagall situation at this link:

http://www.larouchepac.com/node/18426

...and the millions of currents supporters here:

http://www.larouchepac.com/node/18453?nid=18453&lid=0-1-0-0&nid=18453&lid=0-1-0-0&nid=18453&lid=0-1-0-0