US debt default will rock global system: PM

RDS · Oct 9, 2013

Does the kids who are bickering now understand this?

A UNITED States debt default will shake a fundamental element of the global financial system and cause it to enter uncharted waters, Prime Minister Lee Hsien Loong warned yesterday.
"If that fundamental element is shaken - even the US government can default - I don't know what will happen to your spreads or the rest of the complicated system of financial markets. You're going into unchartered waters," he said.
The US government and lawmakers have until Thursday next week to reach an agreement and avoid a first-ever default on US Treasury bonds - a scenario that economists are warning could throw the world economy into a tailspin.
Mr Lee was speaking to reporters at the end of the Asia-Pacific Economic Cooperation (Apec) summit here yesterday.
He referred to the political brinkmanship as an experiment that should be avoided, saying "nobody knows what the impact will be", as it would be the first time such a US default happened.

iguanaman · Oct 9, 2013

RDS said:
Does the kids who are bickering now understand this? US debt default will rock global system: PM

That is what they want. The Koch Bros are placing bets against the dollar as we speak. It is just a game for those billionaires. They will laugh as we squirm.

WCH · Oct 9, 2013

Obama is not going to let us default, no matter what. His blather is nothing but bluster.

Besides that, we're in no danger of defaulting. We take in approximately ten times the amount needed to cover our interest payment each month.

The Debt Ceiling is the Law of the Land | RedState

Respecthelect · Oct 9, 2013

U.S. could remain shut down for years and never default. Chicken Little's who can't understand third-grade math should close their computers and never, ever speak in a public forum again. The constitution requires the debt be paid first, so the first tax dollars in, go to paying the debt. As WCH points out, tax revenues exceed debt payments by ten to one, therefore it is impossible to default, even with the government shut down.

Fenton · Oct 9, 2013

RDS said:
Does the kids who are bickering now
understand this? US debt default will rock global system: PM

Hillarious....

So the left has abondoned demagoging the GOP on the basis of opppsing Obama-Care ( because everyone hates it ) and now has moved on into their chicken little narrative of "default".

Sorry, we CAN pay our debt service and the Federal Govt is STILL taking in revenue, even though they've been "shutdown".

Something tells me this latest scare tactic is going to go over like a Cow Chip in a punch bowl.

No one, with any sense buys into the Democrats attempts to demagogue this issue, so essentially Obama is just preaching to the choir.

His voters, and they're not exactly the sharpest knife in the drawer.

US debt default will rock global system: PM

RDS

iguanaman

WCH

Believer

Respecthelect

Fenton

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