Saturday, June 25, 2011

Washington: Talk Of A Financial Apocalypse

This article says:"In Washington's humid air, talk of a financial apocalypse is thick."

also : "There are warnings of "credit markets in a state of panic," as the House Budget Committee chairman, Rep. Paul Ryan, R-Wis., put it, causing a sudden drop-off in the country's ability to borrow and pushing the government off a "credit cliff."

And .. : "A deal would permit the government to resume borrowing more than $100 billion a month to pay its bills. Paradoxically – or "perversely," as Federal Reserve Chairman Ben Bernanke put it – the absence of a deal would not stop the nation's debt from climbing."

Interesting that these things can appear in print sometimes on major news sites & still no one can put the pieces together ... especially Anderson Cooper ... certainly he must have some crack staff working for him who can tell him ... it appears the debt mountain America has built is about to come crashing down on us all ....

WASHINGTON — It might be time for another midnight ride by Paul Revere, this time warning "the creditors are coming."

Americans seem not to have awakened to the fast-looming debt crisis that could summon a new recession, imperil their stock market investments and shatter faith in the world's most powerful economy. Those are among the implications, both sudden and long-lasting, expected to unfold if the U.S. defaults on debt payments for the first time in history.

Facing an August deadline for raising the country's borrowing limit or setting loose the consequences, politicians and economists are plenty alarmed. The people? Apparently not so much.

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