Less than 12 hours until.... [clock stopped; deal reached]

..The US defaults on it's debt. Congress has laid an August 2nd deadline, meaning if a resolution is not passed to raise the debt ceiling, the US will default. Congressional democrats are pushing to raise it, while house republicans refuse to raise it at all without major spending cuts and major revisement to the presidents economic policy. The debate has raged on now for months, with neither side budging. Tea Partiers refuse to give anyone an inch, and would rather see a default rather than a continuation of the US spending policy.

What does this mean? This article explains it: http://www.davemanuel.com/what-would-happen-if-the-united-states-defaulted-on-its-debt-96/

Thoughts? Concerns? Opinions?

Lets tuck in Florida underneath us and claim were are Brazil.

Well...what else can we do? Raise the debt ceiling? What is that going to help, we are just going to delay mess we are in now for a couple years.

BLACK SNOW 13 wrote:Lets tuck in Florida underneath us and claim were are Brazil.

You, sir, are the greatest individual who ever lived.

I agree with the people who say: "We don't have a revenue problem, we have a spending problem."

And a major one at that. Raising the debt ceiling will only delay our problems and just dig us in a rut further. I don't understand why the Government thinks you can just spend your way out of debt.

Jagdgeschwader wrote:I agree with the people who say: "We don't have a revenue problem, we have a spending problem."

And a major one at that. Raising the debt ceiling will only delay our problems and just dig us in a rut further. I don't understand why the Government thinks you can just spend your way out of debt.

This. Jag, could you send a letter to the president and tell him this? He obviously doesn't see it

Little over 2 weeks, and nothing close to a deal.

Clock is still running.

We are all going to fucking die.

In seriousness, this is something I'm mildly afraid of, mainly the gas prices, my car already gets 15 miles to the gallon at the most.

And I'm definitely not in the position to lose the internet, xbox live, and all the other shit we pay for due to insane inflation.

I'm going to Canada.

Bladewind23 wrote:
I'm definitely not in the position to lose the internet, xbox live, and all the other shit we pay for due to insane inflation.

I'm going to Canada.

But if America goes under then it fucks up the worlds economy













You will never be safe!!!

Luckily I have most of my money locked up in the Euros. If the dollar tanks, ill make out fine.

eaustinn36 wrote:Luckily I have most of my money locked up in the Euros. If the dollar tanks, ill make out fine.

Actually, not really.... because of the Greece situation, the Euro is going to be pretty fucked soon too.

Not really. I think the damage to the Euro as a result of Greece has already been done; there is no more. The only thing that would hurt the Euro more than the dollar in the event of what is to come, would be another EU nation needing a bailout (such as Italy). I doubt anyone would get another bailout though.. Germany was already pissed about all the ones that went out already.

And anyways, even if you are correct, I don't think the Euro will EVER fall below the value of the dollar, at least not in the near future.

Oh... I didn't know Greece had received the bailout already.

Dexta117 wrote:Oh... I didn't know Greece had received the bailout already.

Well, I think you are partially right. I think most of it has been approved. Here is an article I found on it, but it is a year old, so more is most likely approved for the 3-year plan.

I also restates that Germany was pissed about it, like I said.

http://news.bbc.co.uk/2/hi/8656649.stm

eaustinn36 wrote:Luckily I have most of my money locked up in the Euros. If the dollar tanks, ill make out fine.

Should've bought gold. Benefits the local economy, never worth nothing.

Also if the dollar tanks and the US pulls a "Soviet Union" then Europe will be drastically affected. The US is one of their biggest traders.