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AP: World Relieved US Borrowing Another Trillion

From the administrations foremost shills, the Associated Press:

Relief around world as US avoids debt default

By JOE McDONALD | October 17, 2013

BEIJING (AP) — Political leaders, investors and ordinary people Thursday welcomed the end of a U.S. government shutdown but already were looking ahead to the next round of a budget battle that brought the world’s biggest economy close to default and threatens Washington’s international standing.

Yes, the world must be thrilled that we are going to borrow another trillion dollars from them, to pay the interest on the trillions we have already borrowed. Try that with your credit cards and see how far you get.

But do you remember back when Obama was trying to kill the Bush tax cuts? At that time he and Hillary and the Joint Chiefs of Staff and everyone else was telling us that our national debt was our biggest national security threat.

For instance, in September 2010, Hillary said our debt was a national security threat. In June 2010, Admiral Mike Mullen, then Chairman of the Joint Chiefs of Staff, said it was our biggest national security threat. (For the record, in 2010, the annual deficit was only $1.4 trillion a year. It is now going to be almost $1.8 trillion.)

But now, all of a sudden, going another trillion dollars in debt is a great thing. In fact, we’re told that if we hadn’t we would have lost standing in the international community.

The deal approved late Wednesday by Congress, with hours to go before the government reached its $16.7 trillion debt limit, only permits the Treasury to borrow through Feb. 7 and fund government through Jan. 15. The International Monetary Fund appealed to Washington for more stable long-term management of the nation’s finances.

Oh, our sides. That is like Jesse Jackson, Jr. criticizing the US for poor money management.

The standoff rattled global markets and threatened the image of U.S. Treasury debt as a risk-free place for governments and investors to store trillions of dollars in reserve. Few expected a default but some investors sold Treasurys over concern about possible payment delays and put off buying stocks that might be exposed to an American economic downturn…

That’s funny. Just the other day the Associated Press said the global markets weren’t worried at all about a US default. And that no one was doing anything differently. Their headline was: "Around world, threat of US default induces shrugs."

The Tokyo stock market, Asia’s heavyweight, gained 0.8 percent Thursday. Markets in South Korea, Australia and Southeast Asia also rose…

Wow! The Tokyo stock market went up 0.8%! That is skyrocketing! They must really be relieved.

"With the U.S. government’s antics, the risks go up, so the cost of money could go up too," said Nick Chen, managing partner of Taipei law firm Pamir Law Group…

But the US government borrowing another trillion dollars doesn’t drive up the cost of money. No way.

China’s official Xinhua News Agency issued a scathing commentary accusing American leaders of failing to address chronic budget deficits. It said their deal only makes "the fuse of the U.S. debt bomb one inch longer."

"Politicians in Washington have done nothing substantial but postponing once again the final bankruptcy of global confidence in the U.S. financial system and the intactness of dollar investment," the commentary said…

What’s this? We thought the global markets were thrilled with the deal?

In Israel, a key American ally in the Middle East, commentators said the fight hurt America’s overall image…

Hilarious. Obama’s dangerous bungling in the Middle East hasn’t hurt America’s image. But a feeble attempt to try to rein in our out of control spending does.

This article was posted by Steve Gilbert on Thursday, October 17th, 2013. Comments are currently closed.

11 Responses to “AP: World Relieved US Borrowing Another Trillion”

  1. It said their deal only makes “the fuse of the U.S. debt bomb one inch longer.”

    And the bomb got that much more powerful. Warren Buffet thinks the default was going to be a ‘weapon of mass destruction’. I got news for him, it’s not the default, it’s the debt itself that’s going to blow up the world.

  2. mr_bill

    There will come a day when we can’t borrow another dime and we can’t even afford the interest on what we’ve already borrowed. What then? Blame the Tea Party some more? Shout “yes we can [default]” some more? Maybe calling Ted Cruz names will help then, I doubt it. The fiscal train is headed toward the end of the track and those of us who are trying to stop it are being called “arsonists” and worse by people cheering for the crash and shoveling in the coal. This isn’t about somebody’s feelings being hurt because their legislation is rubbish, this is about the ability of this nation to still be functioning in another 10 years. In all of the rhetoric that has been thrown around, nobody has spent much time discussing this.

    • The collapse of this country is by design. They think they’ll be able to rebuild it into some utopian socialist dreamland, but what’s really coming is a bloodbath.

    • mr_bill

      Agreed, Noyzmakr. When the collapse comes and calamity ensues, the dependent classes of people won’t survive long on their own. The rugged individualism that built this country will be in high demand and short supply. The US would return to a naturally conservative group through attrition. The dead weight will cease to exist.

    • Petronius

      Yes indeed, mr bill and Noyz!

      How do you kick the can down the road when you’ve come to the end of the road?

      The recent WalMart food stamp riot at Mansfield, Louisiana is instructive.

      Imagine what will happen on a national scale when helter-skelter comes down.

    • We’re going to have to group together. There will be roving bands of thieves and murderers out to steal what we were smart enough to stockpile. Any suggestions? I know one thing for sure, I can’t stay here. This whole section of NC will totally collapse into chaos once Santa’s sleigh is grounded. This area is totally dependent on the government welfare system. This little towns population triples on the 3rd of each month. The stores are filled with people spending up that free money. Within 5 days they’re broke again and sitting on the porch drinking 40’s, eating grilled meats and Cheetos and screaming at each other. I couldn’t buy enough ammunition to ward off the murderers and thieves.

    • Petronius

      Noyz, regarding grouping together and other strategies for dealing with helter-skelter, see the interesting article “Words from a Bosnian Survivalist”:

      http://sovietoutpost.revdisk.org/?p=72

      Also see the get-out-of-Dodge posts from the Hive, 18-20 May 2013:

      http://sweetness-light.com/arc.....ent-217342

    • This is why Vol. 1 of my trilogy is titled CITY – “The End Begins In The Cities”

    • @Petronius

      That was very interesting reading. I had read your post back in May and remembered it, but Selco’s story had the sound of a man who lived through hell, and learned the hard lessons from having first hand knowledge of a lawless world.

      A lot of good advice there.

      Thanks for the links.

  3. captstubby

    design today is almost always used with”intelligent ”
    (crickets)
    the Left is trying to assemble a all inclusive “Theory of Everything.”
    and this is a carryover from the hypothetical Evolution Theory.
    you know,

    “It Gets Better”

  4. I don’t live anywhere near a city or metropolitan area. Nowhere near. There will be a lot of angry, desperate people between us and whatever is going to rove around. Kind of like the Soviet states as a barrier to the Motherland. Many of them Mormon. And believe me, they’re well armed.




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