Again, in the national media we are seeing all the pundits up in arms about the debt ceiling.
It is being claimed that it will be doom and gloom for the country if Congress does not raise the ceiling. To avoid the “threat of a default” on U.S. debt, Congress has to act by about October 18. The White House is making this claim if there is a “default”: “a default would have serious and protracted financial and economic effects. Financial markets would lose faith in the United States, the dollar would weaken, and stocks would fall. The U.S. credit rating would almost certainly be downgraded, and interest rates would broadly rise for many consumer loans, making products like auto loans and mortgages more expensive for families who are subject to interest rate changes or taking out new loans. These and other consequences could trigger a recession and a credit market freeze that could hurt the ability of American companies to operate.”
What is not being discussed is the true reason and who will really be impacted by a default. The people who will feel a default are those who are holding the nation hostage with the national debt. It is worth taking a look at who those people are:
“The public holds over $21 trillion, or almost 78%, of the national debt. Foreign governments hold about a third of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and savings bonds.”
Under any rational analysis, we are being played by the people who understand and know how to manipulate monetary markets. These people are making vast fortunes from the interest they are collecting off of the national debt. The members of the U.S. Congress are well aware of what has been occurring all this time, but have either turned a blind eye or are in cahoots with these thieves in designer suits. The time has come to demand that Congress not raise the debt ceiling. Let’s let the system implode and see who comes out the better for it.