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Immediate personal effects of US default?

What's on your mind?
General interest discussions, not necessarily related to depletion.

Re: Immediate personal effects of US default?

Unread postby kildred590 » Sun 31 Jul 2011, 09:09:53

Buying bonds releases the money into the market. Internal bonds are used to control inflation by taking money from the market.
BTW, every administration since Nixon has borrowed money from SS/Medicare in the form of selling bonds.
If the US does not pay its bond rates, those payments will be affected.

The Republicans have blocked every meaningful decrease in spending, for instance, military spending.
Instead they have focussed on small schemes like Planned Parenthood, that will make no difference to the public debt, or on SS/Medicare which are on different balance sheets and not part of the debt.

$this->bbcode_second_pass_quote('', 'E')DIT: and another thing.. Medicare and SS aren't charity, my elderly relatives have paid into these programs their entire working lives.


Meh. If there was no pension scheme, they would have had to pay higher taxes, as they did in the UK and Australia where the "pension" is a small payment straight from general revenue.

[quoteI wonder if those people who paid into social security and medicare all their lives ever ran the math on the programs or did they simply believe their congress critters that the programs were sustainable. Either way, the result is the same. Both of the programs are Ponzi schemes which rely on unlimited growth, which is now off the table with peak oil.][/quote]

The Republicans don't want to give them what they paid - they want to swipe the WHOLE lot (by putting it on the Federal balance sheet) to pay off billionaire financiers and bankers.
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Re: Immediate personal effects of US default?

Unread postby AgentR11 » Sun 31 Jul 2011, 10:24:22

$this->bbcode_second_pass_quote('Sixstrings', 'I') did grocery shopping today too and noticed it was unusually busy. Didn't make sense since it was early in the morning.. Walmart was packed, everybody and their brother with their hands in the broccoli.


Yall may be over thinking this. Plenty of people get paid middle and last day of the month, Sun is the 31st. They would have gotten their direct deposit or checks on Fri 29th. Walmart has been reporting payday surge buying for many months now.

I'm pretty sure that's what you are observing.
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And so shall we remain,
Until the end.
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