Economy White House warns of economic collapse if debt isn't fixed.

[blaseblah]

White House warns of economic catastrophe without action on debt limit (yahoo.com)

Meanwhile Bidens total cost for his bills is around SIX TRILLION. What kind of clown world are we living in?

Infrastructure is what we SHOULD be spending on, not wasting trillions on overseas wars and lining the pockets of defense contractors. Somehow we only talk about debt when it comes to actually investing in the country and people.

No administration since Clinton has made any effort to balance the budget.

 

[HARRISON_3]

Get a home equity loan.

Boom, problem solved.

 

[CantCucktheTuck]

accelerate

 

[The Mookster]

Let's just keep printing money and sending it to everyone. That will probably help.

Lol their plan is to devalue the dollar down to zero. That way if you are 30 trillion in debt, 30 trillion x 0 = 0 lol.

 

[CantCucktheTuck]

Debt is real for us, but not the gov’t.

 

[Orgasmo]

China has a real estate developer and owner Evergrande that is on the brink of bankruptcy
https://www.msn.com/en-us/money/oth...bt-what-it-means-for-world-economy/ar-AAOyL01

It has 300 billion of debt. If it goes under this could be like Lehman brothers going under. It would impact the real estate market there and would slow things down immensely. Their housing market coming to a screeching halt would be bad for construction are risks and commodities plus banking. Wonder if the CCP will do anything and if not what banks are going to take a massive hit?

No, the CCP mouth piece already said nothing is too big to fail. They're going to let it go under rather than socialize the losses..

HNA Group - Wikipedia

It has happened before a few years back.

 

[ElKarlo]

No, the CCP mouth piece already said nothing is too big to fail. They're going to let it go under rather than socialize the losses..

HNA Group - Wikipedia

It has happened before a few years back.

I know. That’s why I’m bringing this up. They may step in after the Investor’s and bond holders get it. But even then it might hurt the markets to a large degree. Even if they stop things once the company goes bankrupt there will be damage unless they take extraordinary measures

 

[Orgasmo]

I know. That’s why I’m bringing this up. They may step in after the Investor’s and bond holders get it. But even then it might hurt the markets to a large degree. Even if they stop things once the company goes bankrupt there will be damage unless they take extraordinary measures

I think it actually works in their favor. China's biggest challenge right now is its demographics, and Chinese couples don't tend to have kids until they can secure housing. I worked in China for 6 months in 2014, and let me tell you good luck finding a chick for a serious relationship if you're renting. CCP's been trying to cool the real estate market for a decade without success, and it's gotten to a point where a large segment of their population is now pissed off. That's why Beijing is going to allow Evergrande to fail.

Social stability is more important to CCP than economic growth or real state market.

 

[2fast2see]

 

[Loiosh]

there is no debt anymore.

There almost is, but it's more complicated than most people understand.

I can see the mechanics but I don't really understand it yet. Maybe one day.

 

[Fox by the Sea]

There almost is, but it's more complicated than most people understand.

I can see the mechanics but I don't really understand it yet. Maybe one day.

technically there is, but debt that doesn't function with the mechanics of actually having an horizon or a plan of paying it back isn't debt anymore, it's just a feature of that government. as long as that government is strong enough to maintain the spectacle that it can always repay, it will continue to grow the debt, exporting the inflation abroad as a global currency. when that will fail, and it eventually will, there will not be an america anymore. the power structures that exist now will still exist, but the country that we now know as america will be history.

 

[Loiosh]

Infrastructure is what we SHOULD be spending on, not wasting trillions on overseas wars and lining the pockets of defense contractors. Somehow we only talk about debt when it comes to actually investing in the country and people.

No administration since Clinton has made any effort to balance the budget.

Obama actually moved things in the right direction until Trump's tax cuts blew the needle.

 

[badascan]

No shit... This is a play to take more of our "wealth". To tax more...

It always seems we seek to put a bandaid on our wounds instead of disinfecting and bandaging them then stoping what's making the wound... The same can be said for most healthcare... If we solve the problem then the parasite (the politicians, the government beast, the pharmaceutical industry, the dishonest doctors, etc) will die...

 

[godking]

We need a new document preventing this. Somebody should write one..

The sad thing is that this cannot be prevented only slowed down at best. The current covid epidemic has been an excellent tool to push through control measures by the government without facing backlash they can't handle. We are well on our way to a dystopia cyberpunk world without the cool cybernetics. I expect that the covid mandates will be the first steps for setting up an official social credit system and the majority will go along with it.

 

[KnightTemplar]

Great reset incoming

COVID was just the foreplay

 

[kenetics]

White House warns of economic catastrophe without action on debt limit (yahoo.com)

Meanwhile Bidens total cost for his bills is around SIX TRILLION. What kind of clown world are we living in?

Don't care. The money they have been printing had been fake since the money stop being pegged to gold. Do you really want to blame Biden lolz.

 

[kenetics]

These things will happen within the next 10-20 years in the western world.


1 The major currencies of the world dollar/euro/yuan/pound will be completely converted to digital currencies


2 physical money will be phased out


3 bitcoin and other non state sanctioned digital currency will be outlawed


4 You will be given an electronic wallet app for your personal tracking device (Smartphone) for small purchases using money that you put into the wallet app from your bank account


5 You will be given a digital passport/identity for using the internet linked to your social media accounts.


6 A social credit system will be implemented


When you challenge the goverment/major tech companies you will be digitally unpersoned you bank account/credit cards/wallet apps will be blocked.

Your social credit will be lowered you will not be allowed to travel to other states/countries and your social media accounts will be will be disabled.

Your job will be informed and you will be put on a blacklist in your industry.


Putting you into a reeducation camp will not be necessary once you are digitally unpersoned you are removed from modern society and neutralized

To many bankers and rich own Bitcoin to outlaw it. Plus you can shut Bitcoin down unless you shit the internet down.

 

[Clifford_Harris]

Lol This is problematic cause we have a Democrat as President so that means debt matters to the Republicans again. Nothing brings out the fiscal conservatives in Congress like a Democrat in the White House.

 

[godking]

To many bankers and rich own Bitcoin to outlaw it. Plus you can shut Bitcoin down unless you shit the internet down.

That's only because there is no government sanctioned digital currency available yet .

Once that happens bitcoin and other non sanctioned digital currency will be outlawed and the government will spin it that bitcoin is only used by criminals anyway and its unsafe .

The government will not tolerate a competing digital currency if they don't have too. Most people will opt to use the "safe" and "dependable" government digital currency when its available.

Once currency is completely digitized its over and the government can manipulate wealth as it sees fit without any consequences for them

 

[ElKarlo]

Obama actually moved things in the right direction until Trump's tax cuts blew the needle.

Not true at all
https://gop-waysandmeans.house.gov/trump-tax-cuts-results-full-review/
Revenue was up. Thing is spending increases far outpaced tax revenue increases. Basically rev went up 5% and spending increased 10% or so. Spending is the problem and always will be