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WASHINGTON, Aug 7 (Reuters) - U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October.
"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Geithner said in a letter to Senate Majority Leader Harry Reid that was obtained by Reuters. (Reporting by David Lawder; Editing Bernard Orr)
Foreign purchases of Treasuries are down and continuing down.
What happens when no country wants to loan us money anymore ?
I'm very glad to hear foreign purchases of our debt are down. I hope the trend continues. I hope all purchases are stopped and debt holders demand repayment. I want our debt holders to do an intervention because the political class has shown they cannot be trusted to be fiscally responsible, be they republican or democrat. This country is like an addict. And addicts don't know what is good for them so they must be compelled to do what is good for them. That's where we're at now.
I'm very glad to hear foreign purchases of our debt are down. I hope the trend continues. I hope all purchases are stopped and debt holders demand repayment. I want our debt holders to do an intervention because the political class has shown they cannot be trusted to be fiscally responsible, be they republican or democrat.
I do believe China is slowly working on that. China has made several currency swaps with other countries. The US MSM has been very quiet on that.
Foreign purchases of Treasuries are down and continuing down.
What happens when no country wants to loan us money anymore ?
The Fed monetizes the debt - which is already happening. Not only that, the Fed is trying to hide the fact that the $329 billion in Treasuries auctions failed last week by buying the securities itself from the Primary Dealers, away from the auction spotlight.
i would hope that americans will be unwilling to give up any more of their future earnings for obviously failing monetary policies.
instead, they should be demanding that the federal reserve be audited and figure out where THAT money went! THEY HAVE BURNED THROUGH YOUR MONEY AND WHAT DO YOU HAVE TO SHOW FOR IT?
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