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Geithner: Lift Debt Limit to Infinity

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Author Topic: Geithner: Lift Debt Limit to Infinity  (Read 465 times)
Mark
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« on: November 19, 2012, 11:47:51 am »

Geithner: Lift Debt Limit to Infinity

Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

“You do?  Will you propose that?” Hunt asked.


“Well, this is something only Congress can solve,” Geithner said. “Congress put it on itself. We've had 100 years of experience with it, and I think only once--last summer--did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage.  And that’s not a tenable strategy.”

Hunt then asked: “Is now the time to eliminate it?”

“It would have been time a long time ago to eliminate it,” Geithner said. “The sooner the better.”

Geithner’s Treasury Department quietly warned at the end of October that the Treasury would reach current legal limit on the federal government's debt by about the end of the year.

In August 2011, President Barack Obama and Congress agreed to lift the legal debt limit by another $2.4 trillion--allowing the government to borrow up to $16.394 trillion. However, as of the close of business on Thursday, the Treasury had only $154.3 billion of that $2.4 trillion in new borrowing authority left.

Senate Majority Leader Harry Reid (D-Nev.) said last week that the Senate stands ready to increase the debt limit by another $2.4 trillion. “If it has to be raised, we’ll raise it,” Reid said.

+video http://cnsnews.com/news/article/treasury-secretary-geithner-lift-debt-limit-infinity
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Kilika
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« Reply #1 on: November 19, 2012, 12:42:52 pm »

Well of course Timmy would push for infinate debt! His handlers at the Federal Reserve insist. Bankers only make money when debtors owe them money.

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...allowing the government to borrow up to $16.394 trillion...

There is no way possible for that amount to be paid back, ever, and that of course is their goal, to make the US perpetually indebted to the bankers.

As much as we know the biblical deal behind this, it's still mind-numbing the insanity.
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« Reply #2 on: November 19, 2012, 01:04:49 pm »

Which makes me wonder...

If these massive layoffs continue, will Geitner and his buddies at the Federal Reserve use this as an excuse to "bailout" all of the private industries, as well as the non-profit sectors(assuming 501c3 churches go bankrupt too), knowing that they have an unlimited debt ceiling?

If so, this could very well set the stage for the AC to appear - a Socialism dictatorship becomes official, everyone is in confusion, and it's ripe for the picking.

Dunno, but this scenerio, IMHO, makes more sense than merely the debt-ridden global economy plug being pulled.
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Kilika
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« Reply #3 on: November 19, 2012, 01:14:30 pm »

Debt-based economies are here to stay till the end. Remember, "owe no man anything, but to love one another", so the world will do just the opposite.

Jesus tells us to "give, expecting nothing in return". The world gives alright, expecting a huge return on their "investment".
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« Reply #4 on: December 26, 2012, 09:00:41 pm »

Just because the Fiscal Cliff was not enough...

    GEITHNER SAYS U.S. WILL REACH STATUTORY DEBT LIMIT ON DEC. 31
    GEITHNER: WILL USE `EXTRAORDINARY MEASURES' TO AVOID DEBT LIMIT
    TREASURY: SPECIAL MEASURES TO MAKE $200 BLN  ROOM UNDER LIMIT
    GEITHNER: $200 BLN TO LAST TWO MONTHS IN `NORMAL CIRCUMSTANCES'
    GEITHNER: TAX, SPENDING `UNCERTAINTY' MAKES DURATION NOT CLEAR
    GEITHNER SAYS ALL MEASURES HAVE BEEN USED IN PRIOR IMPASSES
    GEITHNER OUTLINES PLANS IN LETTER TO SENATE MAJORITY LEADER

So since America's dysfunctional congress failed to "rise above" the Fiscal Cliff, it at least succeeded to "rise above" the debt ceiling. One out of two is not too bad...

To summarize: debt ceiling hit December 31, just in time for the no deal on the Fiscal Cliff, and then the Treasury will proceed to defund various Government retirement accounts for the next two and a half months, when sometime in March the true deadline to getting a joint solution on both the Cliff and the Debt Ceiling will becoming unextendable as the alternative is truly unthinkable: living within its means!

In other words, as we have said all along, the real deadline for a Fiscal Cliff is not December 31, but that day in March when all further debt ceiling extension avenues are exhausted.

The question therefore is - will the 2 months of America living under self-made austerity be enough to push it into recession.

http://www.zerohedge.com/news/2012-12-26/geithner-us-hit-debt-ceiling-december-31
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« Reply #5 on: December 27, 2012, 03:30:11 am »

Well of course Timmy would push for infinate debt! His handlers at the Federal Reserve insist. Bankers only make money when debtors owe them money.

There is no way possible for that amount to be paid back, ever, and that of course is their goal, to make the US perpetually indebted to the bankers.

As much as we know the biblical deal behind this, it's still mind-numbing the insanity.

nope, in fact the number is so huge its impossible for our feeble minds to even calculate. Ill try to put just 1 trillion dollars in to perspective. If you started on the day Jesus was born, lets just say Jan 1 year 1, and you gave away 1 million, that's 1,000,000 dollars every single day. You still would not hit 1 trillion dollars as of today. Dec 27 2012. That is how big just 1 trillion is.

so it might as well be an infinite amount of debt limit, as the numbers doesn't really matter.
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Kilika
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« Reply #6 on: December 27, 2012, 05:16:09 pm »

Well put. And even that doesn't come close to putting into perspective just how much debt the US has at about 16+ TRILLION (that they admit to!).

We all know what happens when a debtor can't pay. The debt collectors come knocking. It just boils down to how serious they are about collecting.
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