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Debt doomsayer: Treasury forecasts ‘back to 2008 recession or worse’ if US defaults

04.10.2013 10:34

The US government default caused by the ongoing budget standoff in the Congress could have a "catastrophic” effect on the country’s economy, which would be felt for decades, the Treasury Department said in report.

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Comments (25) Sort by: Highest rating Oldest first Newest first

 

charles taylor 07.10.2013 00:06

bill is wrong i live in Detroit Michigan no one is being release from prison but something strange is going on on November 13 and 14 homeland security and fema are talking about a drill they say that their shutting down the power grid for the united states Canada and mexico they may be about to collapse the bank why do this in November is cold furnaces do not not work with electricity so if something bad happens we know who's behind it our elected officials and the banks just saying this sounds funny

 

Bill 05.10.2013 05:51

Greg Grisham Vento 05.10.2013 05:48

Of course money doesn't grow on trees; it just appears out of nowhere...

  


I know, my local MP believes this too!

 

Bill 05.10.2013 05:50

I hear through the Grape-vine that Obama is to release all convicts from jail until this problem is over. They, the prisoners n convicts have promised to return after wards.....

 

Greg Grisham Vento 05.10.2013 05:48

Of course money doesn't grow on trees; it just appears out of nowhere...

 

Bill 05.10.2013 05:44

[quote name='Thomas Snodgrass II' time='05.10.2013 04:34']The US government needs to liquidate their position in GOLD. Doing so would generate $336,234,441,496 (258.6k oz of Gold x $1,300/oz) to help resolve some of the fiscal problems - this is a much better solution than what they are doing now.


[ /quote]

Thi s might be true Thomas, but, the word on the street is that America has no gold. Where it has gone, no one knows.
Or else they have it and cash in as you say. Leaves them poorer either way.
China is set to take possesion of 5000 kg's of gold. On top of what they have??? is a lot of shiny teeth!

 

Thomas Snodgrass II 05.10.2013 04:34

The US government needs to liquidate their position in GOLD. Doing so would generate $336,234,441,496 (258.6k oz of Gold x $1,300/oz) to help resolve some of the fiscal problems - this is a much better solution than what they are doing now.


 

AzoSF 05.10.2013 04:23

I don't trust what the government of the US or any affiliated organization has to say about anything. They lie so much it is embarassing and pathetic; like a bunch of retarded cretin children. Why don't we let this one play out and see what happens?

 

MonsantoGoingDown 05.10.2013 01:31

First the USSR fell and now it's the USA's turn (along with half of Western Europe).

 

Ronaldiq Vernon 04.10.2013 20:06

USA: Default (bankruptcy) OR more massacre cutting deficit program (recession 2008 program) OR freeze the bills??

 

james lepard 04.10.2013 19:30

the tea party group does not want to give back that lobby money so they are pulling this stunt.

 

Ronaldiq Vernon 04.10.2013 18:42

USA: Default or Recession 2008?

 

nicktrcat . 04.10.2013 18:42

I hope the US does default. No blame would be given from me, for I think all countries seem to make money from thin air.
It is certainly not the fault of the common man.
With the US Dollar dead and the world's currencies gone, we could start again with a system that works for all.

 

Dave 04.10.2013 17:27

Based on how 'well' are they trying to get out and the efforts they are putting in i think default is at hand... Just listen to some of their press conferences doesnt matter what subject is, the answers given there either show very low IQ or total corruption to the money. They arent taking it from right perspective.. actually i have a feeling they never will.. US gov. is done, all hail the wall street ey? The true source of debt and supression the private banking... where people gamble with entire nations wealth...

 

Elma Riachi 04.10.2013 15:54

There is not a hope in h3ll of the US paying off $17 trillion of debt.
That fact needs facing up to before a solution can be found.
If that is not addressed first it is likely that other countries will not keep accepting dollars for their resources. Why would they? Anyone can print paper but I wouldn't give you oil, gas or coffee for it. The dollar is no longer an acceptable means of payment.

 

Rod 04.10.2013 15:49

I'm beginning to think this is mostly a staged crisis to give the appearance of significant differences between the two ruling parties in America. Democrats and Republicans will never reform anything. They always seem to find some variety of a stopgap measure at the 11th hour to keep things running but never a hint of a long term solution that has the promise of doing anything. America has no chance of reform until these two parties are supplanted along with their support system. What's amazing is that the Chinese continue to hold U.S. securities when they might be nothing more than kindling in a few years.

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