Bank of America CEO preparing for US to default on its debt

submitted by BISH from thehill.com

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[–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

It is in the fucking constitution the USA cannot default on its debt and we have funding tricks to pay our bills through september don't fall for clickbait propaganda

[–]BISH[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

It's not in the constitution that applies to 14th amendment federal citizens (slaves) https://constitution.congress.gov/constitution/amendment-14/

14th amendment:
Section 4

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

The debt is owed to the Federal Reserve, and the US Treasury bond holders.

The debt is owed by the 14th amendment citizen slaves.

The Fed doesn't print money. It issues debt, and sells Treasury bonds.

When the bond holders lose faith in the ability to pay, then they can sell them and collapse the dollar.

[–]iamonlyoneman 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (2 children)

https://www.cnsnews.com/news/article/us-cannot-constitutionally-default-its-debt-says-constitutional-scholar

Losing faith in the dollar is a different matter. It's based on nothing but faith. It could collapse after one good bank run, it doesn't need scary headlines about something most of a year away that's never going to happen when the time gets here.

ETA: inflation is the thing to worry about with the 'debt ceiling', and the congress gives zero hecks about your purchasing power! https://finance.yahoo.com/news/warren-buffett-explains-the-simple-reason-why-the-us-will-never-default-on-its-debt-185105213.html

I give very little credit to the congress but even these people aren't so stupid they'd pay for national parks services and crash the world's econommy instead of skipping stupid shit like NPS salaries and paying the interest on our credit cards.

[–]BISH[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

It's not about the arbitrary debt ceiling.

It's about the credit confidence of the Treasury bond owners. The signals that are sent by the "borrowers" in Congress.

The demolition of the dollar has been planned for decades.

these people aren't so stupid they'd pay for national parks services and crash the world's economy

They will definitely crash the world economy in most areas.

But... they want to have the replacement CBDC infrastructure in place before they do.

They'll destroy it for the next stage of their global takeover plan.

[–]Dragonerne 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Will stocks be impacted? If you own a share of a company, the valuation shouldn't change, should it? You still own that share no matter the currency?