14,3 Trillion USD. That is what the US Government owe creditors. Without borrowing more money, the US will become a defaulter, explains Chairman of the Federal Reserve.
Federal Reserve Chairman Ben Bernanke on Thursday issued a stern warning to Republican lawmakers that delays in raising the United States USD 14.3 trillion debt limit could have “catastrophic” consequences.
“Beyond a certain point … the United States would be forced into a position of defaulting on its debt. And the implications of that on our financial system, our fiscal policy and our economy would be catastrophic,” he told the National Press Club.
Bernanke coupled his warning with a call for the Obama administration and Congress to put in place a credible plan to curb future budget deficits.
You do not need to be a doctor economics, to understand that the US Government already is a defaulter.
The worst thing a man who can not pay his runaway debt can do, is to borrow more money. That is supposed to be ABC.
The problem any money lender might face, is how to attach the securities or properties made available when the borrower defaults. Saudi Arabia can not simply take over the ownership of Manhattan. China can not take the US Navy is a debt swap deal with the Federal Reserve.
Or can they?
Saudi Arabia basically do not demand any Governmental land in the US, in exchange for the US runaway debts. The Saudis have asked for the state of Israel. That is a piece of land, the Lawmakers in the US will be giving away without shedding to many tears. China has asked for Africa and Iran. No issues for Washington.
When the US Senate approve to raise the “debt ratio”, they hand the US Economy into the hands of the One World Government camp. One day, the Global Regime promoted by men like Obama will be invited to come and rescue the overspending Americans from them selves. Than the Americans will finally be inside the pockets of the regime of the Anti-Christ.
The rich rule over the poor, and the borrower is slave to the lender.
They will lend to you, but you will not lend to them. They will be the head, but you will be the tail.
Written by Ivar