Treasury Secretary Yellen warns country will be financially insolvent by October if debt ceiling isn

Don't get your hopes up. It's par for the course that doom and gloom fake news about the US economy ramps up whenever we have a Democratic administration. It's part of the joint disinformation efforts employed by the alt-right and Russia.

 

Doom and gloom fake news!

 

They will extend the debt ceiling at the last minute, but the simple fact they chose Yellen for TS at this particular moment in time should tell you everything you need to know about what to expect in Q4...it's over....we are done.

THE SHORTAGES IS GETTING REAL
https://www.bitchute.com/video/VQXHyO4pH01P/?list=subscriptions

 

Yep. Remember the Obama years? The US economy was going to collapse any minute now for 8 solid years. Then it suddenly and magically was rock solid and doing better than ever for four years, even with the unnecessary and useless trade war that hurt US companies, farmers and consumers more than anyone else. And now it's back to being ready to collapse any minute, because of course it is.

 

Likewise adopt a "Savings" mentality
and stop supporting a "Credit" mentality.
The individual needs the same awareness.


Moi
I always "saved" for a new car / truck

​

 

Don't you really understand? When (not "if", but "when") the American economy collapses, or rather, those remnants of the former American economy, there will be problems all over the world. The dollar is still alive only because nobody wants problems. But the inevitable collapse can be postponed for a while, but it cannot be eliminated.
And today we see the collapse of the American economy approaching very quickly. And this is understandable even to feeble-minded American politicians. What is written in the article.
Once again, for the gifted, I can add - after the collapse of the American economy, it will be bad all over the world. Not only in the USA.

 

I agree. And its been coming for some time. I consider myself lucky in that I'm retired and won't see the real horrors that my son and grandkids will. We've planned. Gold, and even more so, silver are key. Not certificates, but the real deal. And then the obvious things to stock up on like food and water. Seeds so you can last a long time. Reusable water PURIFICATION systems, not just water, You can't save up enough without purification for the long term. Medical supplies from drugs to instruments. And a good library about how to use them. Special Forces and/or Ranger medical manuals are a good choice. Add books about how to raise crops and get some "heirloom" seeds that will yield fruits and vegetables with more seeds (most garden variety seeds don't).

Solar power is good to have as are tools from the garden variety to the mechanical type. Barter items from chocolate to tobacco, and ammo of course, are essential. When things get really tough, all the financial planning in the world won't help. The only things of value will be things you can eat, drink, shoot or procreate with. In the interim, the Ten Categories of Military Supply is a basic checklist to start organizing.

The dark days ahead will see freedom replaced with obedience, free markets replaced with rationing, and comfort replaced with desperation. There will be chaos and there will be violence. The cities will become untenable as the population migrates to more agrarian areas where food is produced. I see a new Dark Ages settling in. I am confident that the human spirit will re-emerge with a new Renaissance era, but I won't see it. It took generations for American freedom to decay into the current dive towards socialism and resultant serfdom. There are so many possible alternatives and they are almost all bad. As America sinks into weakness and ultimately chaos, foreign enemies will assert themselves. We can only hope that their own difficulties will be as serious as our own and they will not be able to project enough power to destroy us completely.

One more thing. Relocate. Pick a place with climate that won't require a lot of fuel to stay warm and won't be unbearably hot. Pick someplace away from main transportation routes so that shifting populations won't pass through and take what you have. Look for a place that won't attract looters.

Prepare!

And good luck.

 

They can't print the money without the debt ceiling being raised because our currency is debt-backed. Ultimately the democrats will pass it through reconciliation despite Pelosi's promise not to. They just want to manufacture some drama so they can say look at how evil them old republicans are!!!!

 

I don't believe our currency is backed by anything But if it were, debt couldn't back it. Currency is an asset while debt is a liability. In order for the currency to be backed by something it would have to be backed by something of value. Yes government will do whatever it needs to do in order to keep overspending.

 

They should sell Federal land to private owners.



Sell some of the 770,000 vacant buildings they own.
The government spends $1.7 billion a year on 770,000 empty buildings, and one Central Valley congressman is fed up - Los Angeles Times (latimes.com)

 

A new dollar issued is backed by a dollar in new US debt. It is how fiat currencies work. To grow the money supply we have to grow the debt.

 

That makes no sense to me at all. Printing money doesn't require a payback other than the dilution of the value of the currency. Debt doesn't dilute the currency but requires the debt to be paid. How can they be related in any way other than by providing funds for overspending?

 

I have to agree with Republicans on this. If Democrats want to use reconciliation to spend trillions and trillions of dollars that the Republicans don't want to spend then Democrats should just include the debt increase in their package to cover it.

 

lol

There's one born every minute, I hear.

 

Unlike Republicans, Democrats fund their spending instead of slashing tax revenues and counting on imaginary future economic growth to make up the difference (i.e, voodoo economics).

 

Good. Then go ahead and fund your spending by passing a debt ceiling raise on your own. Problem solved.

 

Whatever. Republicans didn't complain at all when it was Trump and a Republican Congress doing it.

 

I don't remember them ever wanting to spend 3.5T on their own pet projects. Perhaps you could link to that.

 

I miss the gold standard
but, favor a "Chicken Standard" most.
The dollar based against a good California
Foster's Farms fresh whole chicken at $0.69 / lb.
Truly.


Moi

STOP ​

 

~ Here in Los Angeles 99 cents is a good deal for Foster Farms ...

 

Witness the devalued "dollar".

A Chicken standard makes more sense
than a Gold standard that even makes
more sense than China owning "my" dollar.


Moi

​

 

Bravo! You are absolutely right. And I applaud you.
In one of your comments, you mentioned that you live in Texas. In my opinion, Texas is the only state in the United States that has retained the true American spirit.
You are a happy person already because you live in Texas.
I think your state will be one of the few regions in the world with adequate living conditions. Firstly, because Texas is a self-sufficient state economically, and secondly, because the inhabitants of the state have remained real Americans, worthy of their freedom-loving ancestors.

 

*L*

This is embarrassing. Mostly for the unpatriotic American agreeing with the Russian troll spreading doom 'n gloom propaganda.

 

Everyone knows that for you the one who speaks the truth is spreading lies and propaganda.

 

I know that propagandists always claim they're telling the truth for obvious reasons.