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

submitted by BISH from thehill.com

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[–]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?