To default, or not to default

In three days, give or take, the United States will be unable to legally borrow money or sell bonds. Most of the attention for the last few weeks has been on the so called Government Shutdown. You know, the one where 85% or more of the federal workers continue working.

That SCoaMF, Obama thought that he could use this to make the Republicans look bad, but the opposite is occurring. Yes, the Obama Propaganda Machine, aka, The Obama Steno Pool, aka, the Main Stream Media, has been working overtime to show the Republicans as being utterly unreasonable in not rolling over and letting Obama, Reid and the rest of the Marxists basically spend trillions of dollars we don’t have. Now, the other shoe is about to drop and this is the debt ceiling.

On or about October 17^th, the United States will no longer be able to borrow money or sell new government bonds. (The usual way we borrow) When that happens, the Federal government will have to determine what bills it needs to pay and in what order. Now, every single propaganda organ News Agency has been screaming that the United States is going to default and not pay the debt. This is a flat out impossibility UNLESS, Obama directly instruct the Secretary of the Treasury, Jack Lew not to service the debt. The United States is taking in some $200 Billion dollars a month and the interest payments are only about $25 or so billion a month. We can easily service the debt and not default. The threat of a United States Default has gotten so ridiculous that Moody’s finally stepped in to correct the record. According to CNBC:

The CEO of credit rating agency Moody’s ruled out the chance of a U.S. government default, even if an agreement over raising the debt ceiling is not achieved by mid-October.

“It is extremely unlikely that the Treasury is not going to continue to pay on those securities,” Moody’s CEO Raymond McDaniel said in an interview with CNBC.

“Hopefully it is unlikely that we go past October 17 and fail to raise the debt ceiling, but even if that does happen, then we think that the U.S. Treasury is still going to pay on those Treasury securities,” he added.

As I mentioned, they have plenty of money to take care of the debt service. The only reason the Regime failed to pay it would be on direct orders of Obama. This would be tantamount to outright sabotage of the United States and would definitely lead to his impeachment in the house. The question would be if the Democrats led by Harry Reid would allow a trial in the Senate, never mind an actual conviction. I don’t honestly see how Obama would put the congress into the position of having to remove home from office. Granted, he should be, but that’s a story for another day.

The United States will not default or repudiate the debt no matter who much Obama, Reid and the Progressive Liberal Elite would like to see it happen. They may think it would play well politically, but such a default would also mean the odds of a violent revolution would skyrocket. And since Der Fubar wouldn’t be paying the troops or the Secret Service or anyone who didn’t directly support him, well, his life expectancy would be very low. This is why I don’t think he would be that dumb.

However, he has been that dumb before, so we shall see.

Thatisall

~The Angry Webmaster~

(1 votes, average: 1.00 out of 5)

Loading...