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I have nowhere to go. I have water for about a month. I plan to buy some food stockpile but I don't know which is good. I want 3 month supply. I do have some veggies growing.
So I will have to head to the market and steal what I can.
Canned goods that you can store and consume and rotate your food that way you buy the things you eat and eat the things you buy on a Regular basis and water to drink and water to wash with and cook with and the Supermarkets and Gas stations will be the most dangerous places to be if people are panicked and they have run out or are rationing water and fuel.
Just a technical point of information: The USD is the worlds reserve currency. There are not even remotely enough of anything else out there for it to be otherwise. Whatever else happens, and I am not Pollyannaish about this, the dollar will be the last man standing.
If the Tea Party manages to force the US Government into default, the rest of the world will start dumping dollars as fast as they can. The dollar could lose 90% of its value in less than a month. Unable to pay for imports, from fresh vegetables to crude oil, the USA would be in a world of hurt.
That's the nature of a panic. All people have to think is that US Treasuries are toilet paper and the dollar would become worthless overnight.
That's the way panics go, but it's the Tea Party reps in Congress that are pushing the US to default on US Treasury bills. The way to ruin your credit is to refuse to pay your bills.
If the Tea Party manages to force the US Government into default, the rest of the world will start dumping dollars as fast as they can. The dollar could lose 90% of its value in less than a month. Unable to pay for imports, from fresh vegetables to crude oil, the USA would be in a world of hurt.
That's the nature of a panic. All people have to think is that US Treasuries are toilet paper and the dollar would become worthless overnight.
There are enough daily tax revenues to pay the obligations with no default so maybe try a different hysteria.
The debt limit is almost here. Americans have less than 4 days to contact their congressman and demand cooperation between the parties. Should the U.S. default on it's debt, the worldwide ramifications could be huge, not to mention what would happen to the value of the U.S. dollar.
The debt limit is almost here. Americans have less than 4 days to contact their congressman and demand cooperation between the parties. Should the U.S. default on it's debt, the worldwide ramifications could be huge, not to mention what would happen to the value of the U.S. dollar.
Could Day One be 10/17/13?
Demand that we open up another credit card account now that the current ones are maxed out - again?
Demand that we open up another credit card account now that the current ones are maxed out - again?
There is no doubt the Feds will have to make a financially irresponsible decision. Either spend more money it doesn't have now, or default and let the house of cards tumble down. They will always make the former choice as no elected representative wants to let default happen on their watch because Americans will put the blame on them when it was really something that has been accumulating for decades.
Strategic spending cuts and small revenue increases, with the goal of eventually eliminating the deficit and running a surplus to pay down the debt, would over time, be the least painful pill to swallow.
Strategic spending cuts and small revenue increases, with the goal of eventually eliminating the deficit and running a surplus to pay down the debt, would over time, be the least painful pill to swallow.
But that NEVER happens. We always increase the ceiling and say we'll fix it later.
I say, we leave the ceiling and make the changes now.
We do NOT have to raise the debt ceiling. We have the money to pay on the interest to keep us from default. Let's keep the ceiling as it is and make the cuts and tax increases that need to be made now and start working on a new budget WITHOUT more deficit spending.
I just wonder how long we can keep spending money that we do not have? An even better question is when Average Joe is going to realize that we are playing with Monopoly money. Will the confidence in a piece of paper wane as the government keeps printing more of it without bound?
I keep hearing that the "world economy" is going to blow up. Well, you know what? If the world is stupid enough to base its very existence on how much paper we here in the good ol' US can run though a press, then the world must be as fragile as a little paper rose in a wind storm. This "economy" is beginning to remind me of the tooth fairy or a leprechaun.
Quote:
Originally Posted by Larry Caldwell
All people have to think is that US Treasuries are toilet paper and the dollar would become worthless overnight.
That's pretty much what it is. However, we believe in toilet paper right now. So we all play the game, including me. But when you really consider it, toilet paper would be more useful if we took the dollar for what it really is... which is nothing. The only reason it's not nothing in a practical sense is because, like I said, we believe it to be more.
As for the "Tea Party" causing this... they haven't caused anything. Just like an alcoholic. Nobody is responsible for an alcoholic other than the alcoholic. The "Tea Party" can try to sober the alcoholic up, but ultimately the alcoholic isn't going to recover until he realizes that he is an alcoholic and decides to do something about it... rather than buy "just one more bottle." Just this once! Then after that... well, we'll give up the booze.
But that NEVER happens. We always increase the ceiling and say we'll fix it later.
I say, we leave the ceiling and make the changes now.
We do NOT have to raise the debt ceiling. We have the money to pay on the interest to keep us from default. Let's keep the ceiling as it is and make the cuts and tax increases that need to be made now and start working on a new budget WITHOUT more deficit spending.
We can't keep kicking the can down the road.
Or the FRB can monetize the debt. It's not a great solution but it's far better than raising the debt ceiling as it allows access to needed funds while imposing at least psychological discipline Few legislators desire to become known by historians as the parents of hyperinflation.
Washington could start cutting costs by shutting down its puppet governments in Iraq and Afghanistan.
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