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America is going to default on its debt!

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#1 by Darkstar2 » Tue Sep 28, 2021 10:45

For the first time in history, it looks like America will sink the global economy into the rabbit hole. How ironic, it seems like yesterday China was to blame for trying to destabilise the world economy, well look no further, if your bank account goes to $0 and all your retirement funds down 80% in one day, you can blame America, more particularly the REPUBLICANS of all people, ironic, when they were in power, they relied on Democrats to approve a debt ceiling bill in a bipartisan deal - NOW that Democrats are running the show, they are relying on a bipartisan vote, only this time Republicans are playing the dirty game, the DIRTY game of politics, instead of being the better party they have disgraced themselves to new lows. YET Republicans would never have pulled this disgusting stunt under Trump. Stock markets are plunging, and Mitch McConnell vowed NOT to approve any debt ceiling raise, which in turn will cause defaulting, so the Republicans want to get back at Democrats for the trillion $ package - Great, so more than 300 million Americans are held hostage by this shitty politics game on both sides, actually no, Democrats don't want a default, so it's all on the GOP, how disgusting - because it is the whole world that will suffer - the stock market reaction to a default would be PERMANENT - America's credit rating would be downgraded, and it would be more expensive to borrow. Republicans want to make sure that economic disaster happens during a Democratic President - and yet hold the entire world hostage. In the past, a deal is reached at the last minute, but this time it seems the GOP is set on refusing a bill and accepting the risks of a default - it's easy for those greedy f*cking thieves in politics, they probably already sold out all their investments, they won't lose a penny !!!

As much as I support Republicans, this type of news would be the type of news to sway me to vote Democrat and hope they win the midterms. I don't particularly like Democrats, but I don't support bullshit politics and I don't support idiot decisions that would cause hundreds of millions of Americans AND other people around the world to go broke overnight, F*CK them. Mitch McConnell has lost his damn mind ! There is no way Trump would allow such a horrible thing to happen, Trump is very much focused on market. NOW the Democrats DO want a deal, THIS TIME, it is the Republicans holding everyone hostage.

Disgusted beyond belief,

So what do you think ? Will America default ? Will they reach a last minute deal ? Is Mitch McConnell out of his ******mned mind ?

The thing is, a default would be the financial apocalypse, not just for America but the whole bloody world.

DOW is down, S&P / TSX is down.
Last edited by Darkstar2 » Tue Sep 28, 2021 10:46 » edited 1 time in total
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#2 by valerie » Tue Sep 28, 2021 11:00

You may want to watch 'The End Times' 2006 on Prime. It's what I believe and it's what
the book of revelations tells us.

In regards to the politicians in Washington, you can never tell what they are going to do
or not going to do. I don't put much credit in anything they say.

Banks, well, I don't know why anyone would utilize banks today if they don't have to and
I think more and more people are not using them and / or using them with a simple balance
to pay their monthly bills.

There was a day when people wrote checks and mailed their bills or drove to where they
needed to submit a check. That is almost rare today. In the last three years, I have wrote
less than 15 checks. People use bill pay today, debit card, or cc.

Bitcoin and the like is nothing more than an opener for what is yet to become. Checks, cash,
all that is out the window and bitcoin will be too.

As I stated about progression.

It's like water draining out of a bathtub.
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#3 by Darkstar2 » Tue Sep 28, 2021 11:30

valerie wrote: You may want to watch 'The End Times' 2006 on Prime. It's what I believe and it's what
the book of revelations tells us.

Yes everyday I am reminded of our demise Valerie :P I just finished watching The Mist on Netflix, I liked it - nice twists too, a bit slow paced, but the ending leaves on a huge cliffhanger + there re unanswered questions, the way it ends initially was for sure there would be a season 2, there has to be, there is no real ending - unfortunately the network cancelled it.

As to Revelations, there needs to be many events first, some have passed, but I would say we are seeing precursors now, before the real events - I don't think the fall of the economy is due yet, on one hand Mitch McConnell does not want a bipartisan deal on the debt ceiling, he wants the Democrats to manage their own debt ceiling without the support from the GOP, yeah he is out of his mind like such dirty gamble with Americans will help them secure the midterms, NOT, so I guess the Democrats have options to deal with this and postpone things until after midterms, BUT with risks. Usually at the last minute a deal is reached, but this time the GOP is firm about not supporting it, let's see what kind of magic Pelosi has up her sleeves - You see, this is the problem with a split senate, in this case Mitch McConnell is actually helping Democrats secure a good victory on the midterms - Right now Pelosi need at least 10 Republicans to support the bill to raise the debt ceiling - it's hard to imagine America would default on its debt for the very first time in history - and unfortunately the Republicans will be to blame this time, and it's funny when Republicans were in power, they relied on Democratic support for the debt ceiling - I find this disgusting beyond words, when the financial health of hundreds of millions of Americans are at stake, you would think you would put your differences aside and cooperate - it's no time for political rivalry here, a default would cause permanent damage.

Quote:
In regards to the politicians in Washington, you can never tell what they are going to do
or not going to do. I don't put much credit in anything they say.

And I thought Biden was out of his damn mind - Mitch McConnell just proved me wrong - Pelosi would have to pull some sorcery or some magic trick to get the support from Republicans, she tried the hand job approach, but it didn't work, what else, he was firm (no pun intended) he said he would NOT support the bipartisan bill to raise the debt ceiling, unless he too is another lying lunatic :P

Quote:
Banks, well, I don't know why anyone would utilize banks today if they don't have to and
I think more and more people are not using them and / or using them with a simple balance
to pay their monthly bills.

Where else are you going to put your money - Ok in the old days people used banks because they got interest on their money, like 10-15% interest :D Today, you get an insulting 0.01% interest on a regular savings, and 0.25-0.30% on term deposits, insulting. But still if you have the money, where are you going to keep it ? In shoe boxes in your closet ? Probably not the safest, so people leave their money in the bank where it is safe, and insured. If a default happens, you can see the US dollar crash, I wonder if they will freeze all bank accounts and use people's money to pay the debt - the governments could use that extraordinary power - Now I wonder what that numbed brain Jerome Powell thinks about that ? So far treasure secretary Yellen has sent letters warning congress, but it's funny so far we did not hear about Powell - now I can understand why Trump hated his guts, every time he utters words he causes panic and fear.

Quote:
There was a day when people wrote checks and mailed their bills or drove to where they
needed to submit a check. That is almost rare today. In the last three years, I have wrote
less than 15 checks. People use bill pay today, debit card, or cc.

Exactly, electronic, you can pay all your bills online now or through CC. I saw in the news not long ago, casinos in Canada will phase out money to fight against money laundering - It will start in Quebec, according to article, but likely other casinos will follow - you won't be able to leave with your chips, all deposits and withdrawals will be made on the spot through your player's card. NICE, good way to ruin more lives, you wanna play slots, no problem insert your casino member card + bank debit card in the slot and play......... But no this is not the Mark of the bast - fortunately not everyone relies on casinos :D

If ALL stores and essential services phased out money, THEN one should worry :P But you would need to carry a mark of some entity (person or company) on you at all times. So which AntiChrist will save humanity from the wrath of Mitch McConnell ? :lol:

Quote:
Bitcoin and the like is nothing more than an opener for what is yet to become. Checks, cash,
all that is out the window and bitcoin will be too.

As I stated about progression.

It's like water draining out of a bathtub.

Exactly, opener, that's what I call precursors. My blood boils every time I heard the word Bitcoin mentioned. Cryptocurrency is what keeps criminal activity alive today both offline and online, without it, it would mean the demise of the dark web. Not only that but those selfish pricks of miners out there, they have destroyed the PC market, they have exhausted all stock of graphics cards, CPUs, memory, etc, making it impossible for a person to build a decent PC, and if you are LUCKY to find a graphics card, be ready to pay 5x-10x its value !!! I was so lucky to have upgraded my system before that bitcoin mining craze. In 2018, I purchased a good graphics card, cost me around $600, TODAY if I wanted that same card it would cost me $1800-$2300 !!!! That's what those cocksucking bitcoin miners have caused.
I also blame tech companies like NVIDIA in allowing this and not giving a shite about its regular customers who have supporting them for years.

So yeah, you can say that again, we are heading right down the shit hole, slowly but surely :D

I don't need movies to convince me I am convinced :D Though the movies part keeps one a little entertained and ready at the same time, though I am disappointed in The Mist I expected a better ending and closure, considering it was a Stephen King production and I saw his other series they had proper closure, like The Stand......I guess maybe they expected for sure a second season would happen, only now we are left on a huge cliffhanger.
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#4 by tasman1 » Tue Sep 28, 2021 14:54

No , they was many time in same situation . this is just show
They will increase debt ceiling like they did every time

Last time it was in 2013 ....... merry go round

Now it will be same for every country , who can pay debt ? PRINTING MORE is only solution for all
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#5 by valerie » Tue Sep 28, 2021 19:25

Sure, people would be better off keeping their money in a shoebox than in a bank.

If you have money other than what you need to pay your bills, it's best to spend it.

Buy land. Buy houses. Buy gold. Buy silver. Buy something people will always want and use.
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#6 by tasman1 » Tue Sep 28, 2021 19:35

valerie wrote: Sure, people would be better off keeping their money in a shoebox than in a bank.

If you have money other than what you need to pay your bills, it's best to spend it.

Buy land. Buy houses. Buy gold. Buy silver. Buy something people will always want and use.




Right agree , the best will be to buy land , any land , that is what rich are doing
Only problem is land prices are gone to hell , no way to buy it here for Jo Average
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#7 by valerie » Tue Sep 28, 2021 20:37

Just think of all the land and houses that were bought just ten years ago.
Today much of it would bring double or more.
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#8 by tasman1 » Tue Sep 28, 2021 21:02

valerie wrote: Just think of all the land and houses that were bought just ten years ago.
Today much of it would bring double or more.




Here is one example ... Tasmania

My friend who live in housing department for last 20 years
10-12 years ago he was offered to buy house [ house he lives ] from housing department for 30000 and he was told they will update with new bathroom and new kitchen , he did say NEVER , it is housing department and value will never go up

Now house next to him [ housing department ] is for sale for..... offer over 370000...wow

B.T.W. Today just a kitchen update will cost over 30000 [ small one ]
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#9 by kanjoormadam09 » Tue Sep 28, 2021 21:13

To bring down prices is very difficult as the generation has advanced so much to comforts
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#10 by Madison91 » Tue Sep 28, 2021 21:34

So how much money has Trump printed?
Why should the manufacturing countries pay for him?
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#11 by tasman1 » Tue Sep 28, 2021 21:51

Madison91 wrote: So how much money has Trump printed?
Why should the manufacturing countries pay for him?




1....
Sorry there is no name in Wikipedia for that number , to big . let us call it unlimited
2...
Correct name is China not manufacturing countries , why ? It is cool to blame China , before it was Russia , Iran , Korea , Apeland and more , that is good , it is not cool to blame same country for eternity , in short China now hold Presidency for BLAME GAME
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#12 by Madison91 » Tue Sep 28, 2021 22:08

I just hope the Chinese government doesn't go buying US Treasuries like they did in 2008-2012.
Also, how can local currency debt default? 8-)



update:
The Uncut Version
The 2022 midterm election is coming
da da da da...
Welcome to the money printing machine
da da da da da...
Everyone knows there will be no default
the end
Last edited by Madison91 » Wed Sep 29, 2021 01:09 » edited 1 time in total
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#13 by tasman1 » Tue Sep 28, 2021 22:28

Madison91 wrote: I just hope the Chinese government doesn't go buying US Treasuries like they did in 2008-2012.
Also, how can local currency debt default? 8-)



Spending 10 times more then what they earn , most have debt ceiling and most just rise that number all the time , it is never ending story
I current situation every country still can repay debt in million years :lol:
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#14 by tasman1 » Wed Sep 29, 2021 00:23

Bombshell news , just out , important

D.R.O.A. [Democratic Republic Of Apes ]

D.R.O.A. have billion tons of bananas in debt ,will stop interest payment to share holders from 01/10/2021

Please when you go to shop buy extra banana and donate to D.R.O.A

Thanks in advance from
tasman1 President of D.R.O.A.
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#15 by Darkstar2 » Wed Sep 29, 2021 07:47

tasman1 wrote: No , they was many time in same situation . this is just show
They will increase debt ceiling like they did every time

Last time it was in 2013 ....... merry go round

Now it will be same for every country , who can pay debt ? PRINTING MORE is only solution for all

ahahaha it's not about printing money, it's about raising the debt ceiling which allows America to borrow even more money they can never repay in a billion lifetimes :mrgreen: If they don't raise the ceiling, it means they can no longer pay on their obligations and default on the debt. The same shit happens every year or so or multiple times, yes it's true each time they pass it at the last minute, but this time is different, the Democrats are in power and the Republicans want to get back at Democrats for 1) Winning 2) Signing off on trillions of $ relief packages. This time around the GOP is firm that it won't back any ceiling debt bill, this did not happen the other times, the other times it was Republicans who needed the Democrats to back it up, now the tables are turned. The Democrats now want a bipartisan bill, the Mitch McConnell raises his 2 middle fingers and says F off, so Democratic leader says he will somehow pass the bill with or without their support - we'll see how this plays out, everything that happens in America changes the world, everything is tied to US economy, earning online, you are probably earning USD$, you have investments in foreign countries, lot of it is tech companies and US stocks....... so yeah when the US gets its proverbial nob cut off, the whole world bleeds :D

Biden is a BIG joke - what happened to the man who claimed he unites, what happened to the man who has always managed to get the GOP on his side when it matters - he is all quiet now, guess he wants to see America default ?
So what the hell is going on here, is it the Republicans wanting America to to bankrupt to make Democrats look bad or is it the other way around, because now is no time to play the game of politics, yes every country in the world has debt, so they must keep borrowing and borrowing - America has already had its rating downgraded once, another downgrade means they would pay more to borrow, NOT GOOD, so Mitch says hey Pelosi you take care of the debt ceiling on your own, without our support, Pelosi says OH no dear, we want the GOP's blessed support ! The same Pelosi who tried to remove Trump from office and failed miserably - so in a way one would see why the GOP wants to get back at Dems, BUT in some cases, like this one, they shouldn't, there are hundreds of millions of Americans' future at stake.
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#16 by Darkstar2 » Wed Sep 29, 2021 07:54

Madison91 wrote: I just hope the Chinese government doesn't go buying US Treasuries like they did in 2008-2012.
Also, how can local currency debt default? 8-)



update:
The Uncut Version
The 2022 midterm election is coming
da da da da...
Welcome to the money printing machine
da da da da da...
Everyone knows there will be no default
the end

China needs the trade, they don't want to see a collapse, so maybe they can do the right thing and wipe America's debt into a clean slate :lol: I'm pretty sure if America defaults China would feel the wave, the world economy would tank.
Yeah treasuries ahahaha big mistake to sell off into treasuries, why ? Because they are extremely volatile, markets are extremely volatile, one day yield is up 2 days later it tanks, yesterday markets tank, today they are up, should there be even a hint of a deal, treasuries will drop, eventually as inflation settles and things are back to normal or whatever normal, they will drop. SO yeah it's a good idea to hold on to your stocks for now.
And don't say there will be no default, you cannot know that - On one side you have a Democratic President who has lost his marbles and on the other side you have the GOP minority leader who lost his marbles as well, America is divided more than ever, so never say never :P
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#17 by Darkstar2 » Wed Sep 29, 2021 08:21

tasman1 wrote:
Madison91 wrote: I just hope the Chinese government doesn't go buying US Treasuries like they did in 2008-2012.
Also, how can local currency debt default? 8-)



Spending 10 times more then what they earn , most have debt ceiling and most just rise that number all the time , it is never ending story
I current situation every country still can repay debt in million years :lol:

So what do you propose Tasman1 ? There is no way you can offer all the services people need and still be within budget, no matter how much you try to cut here and there, it's impossible, it started with deficit after deficit and then debt and then interest on interest on interests, it is a vicious circle, there are too many people that need services, even like that and there isn't enough, so the only solution is piling debt - I dunno for the F of me how the lenders even bother giving their money when they know they will never get paid back, I dunno how that works out, unless lenders are simply giving their money to avoid economic collapse, so they know they will never see their money but they have vested interests on keeping America away from bankruptcy :D So what's the solution then Tasman1 short of increasing taxes to 80%, and even so, you might still run a deficit :P

And with Democrats in power you can expect debt to skyrocket because Democrats are huge spenders, this is how it works, Democrats run up the debt, and the Republicans pick up the pieces and get the blame. This is like Canada, the Liberals plunge the country into debt and deficit, it all started with Trudeau Sr. BUT what can you do ? Can you balance a sheet and ensure all the services at such taxation rates ? NEVER, you see even in France where taxes are really high, they have debt too. So the other solution would be for banks to ensure all the services are paid for - pritned money would be used only for essential services, banks can do something useful for once - not like they did in 2008 selling dirty loans :P
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#18 by Arvind9 » Wed Sep 29, 2021 11:28

People are already in depth an economic survey shows,people in rural areas are in depth upto Rs200000 in Urban Rs 400000 or above small businesses dont pay their employees properly but are using money to update their own business,I hear people talking about their depth credit card loan and other things if their employees dont pay well depth will rise with the festival season coming its going to get bad,banks are luring people to take credit,India is now in a recession for two years if there is an global economy crisis there will be an global depression wonder how people will deal with their recession


Indian business are still not globally competitive they dont like competition an effort is begin made by some quarters to throw out Amazon and some other foreign multinationals from India its an old virus even before Coca-Cola and many foreign multinationals were thrown out wont be anything new this time history will repeat itself we talk about foreign investments but we start throwing them out who will invest here its only going to take the country further into a recession
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#19 by tasman1 » Thu Sep 30, 2021 02:07

Invention of 10% more is to blame , why we must have inflation and greed that say , we must make 10% more next year? In olden time some value lasted for long time , sometimes for 100s year

Do you know this one ?

Wise man asked 3 people how much more they must have to be happy

Man one say ... I earn 10 000 and I will be happy if I get extra 1 000
Man two say ....I earn 100 000 and will be happy if I get extra 10 000
Man three say ..I earn 1 000000 and I will be happy if I get extra 100 000

Wise man say , you are all wrong , you all wish to have extra 10%

Lesson ....................No matter how much we have we ask for 10% more

Now different stuff , joke
In former Yugoslavia President Tito asked man , how many sheep do you have ?
Man say ... 5 , Tito tell his minister , give him another 5

He asked another man ...how many sheep do you have ?
Man say .....100 , Tito tell to his minister , give him another 100

He asked third man ,.... how many sheep you have ?
Man say .......0 , Tito say to his minister , put him in jail , he understand nothing
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#20 by Darkstar2 » Thu Sep 30, 2021 18:21

tasman1 wrote: Invention of 10% more is to blame , why we must have inflation and greed that say , we must make 10% more next year? In olden time some value lasted for long time , sometimes for 100s year

It's called progress - there is nothing wrong with wanting progress, there is a difference between reasonable and greed, if not for companies wanting "more" then investors would make no money, stock prices would remain the same, it would be pointless to invest money and see it grow if there is no growth, you would then leave it in the bank at 0.001% interest. This is how you ensure a nest egg during retirement because you cannot rely on the shitty, insulting and low old age retirement payments from government, you will have to rely on your savings and investments that have hopefully made you enough money by the time you retire , ideally you should save enough money for 30+ years retirement, so ideally you would want 30 times your salary generated by the time you retire, so you earned $40k a year, you would need at least $1.2 million, for a decent retirement, high you say ? NO, this takes into account inflation year to year, so it would be like saving HALF of that, if you calculate on a 2% inflation Y2Y. Now realistically, who the F saves that much money right ? So that's why most people retire under shitty conditions. If not for companies wanting "more", people would be unable to build nest eggs for their future, with good investments you can double your money every 7-10 years, if companies were STUCK on earnings, your returns would be low. BUT there is a difference between wanting to earn more and greed, it's normal that a person wants to earn more, cost of living is up, so you want more.

Let's see here.........

Quote:
Do you know this one ?

Wise man asked 3 people how much more they must have to be happy

Man one say ... I earn 10 000 and I will be happy if I get extra 1 000

Is this man greedy ? NO. If he earns $10,000 he is piss poor and might as well be homeless, because you cannot possibly live on that money short of living in a cardboard box or ghetto and eating tv dinners half a month and insects the other, it's below even the poverty line. In Canada, even $25k is considered piss poor, blame the GREEDY thieves of real estate agents driving housing market up. So yeah when someone is earning $10k wants $1k more, he is actually out of his bloody mind, because $1k more won't cut it, he needs like $20k more :mrgreen:

Quote:
Man two say ....I earn 100 000 and will be happy if I get extra 10 000

This is where things change, if you ear earning $100k a year you are well above the average, you could live decently providing you don't live in a castle or mansion, you can still live in a beautiful home or apartment and still afford to eat and travel.

Quote:
Man three say ..I earn 1 000000 and I will be happy if I get extra 100 000

Now THAT is the perfect example of greed - if you are earning $1 million a year then one should shut the F up :mrgreen: That's higher than most people, you are probably in the 1% of the population or less, and if someone is earning that much and wants more he/she is living a lavish lifestyle and is greedy. With that money you can live in a beautiful home or apartment, buy anything you want, eat good food, travel, and even have a family. It's ok to want MORE, but the higher your earnings the less reasonable you get for asking for more.

It's like union workers who earn 5 times average salaries and have shit loads of fringe benefits COMPLAIN and always want more, now THAT is greed.

Inflation is up cost of living is up, C**TS are asking for more money everywhere, so obviously people want more money, the person who is earning $1 million a year can afford paying a few bucks more on his rent or electricity or groceries, there are people who would kill to earn even a fraction of what wealthy people earn and they would be happy with it, why is it mostly the greedy ungrateful f*cks who are so wealthy - I know a lot of people who could do more with less money and be happy.
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