| User Info
| "Raise The Debt Ceiling Or We'll Steal Your Money!" in forum [Market-Ticker]
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Steelhead23
Posts: 2043
Incept: 2008-09-09
Portland OR
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That would get the attention of federal employees. What is it you said about government confiscating savings as a final act of a desperate nation?
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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Rbarreira
Posts: 2826
Incept: 2009-05-27
Portugal -> Sweden
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So they can kick the can until July, by which time the democrats and republicans will probably have reached an agreement on how to keep ****ing your country.
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In Soviet Russia, the government regulates the banks.
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Kylafoon
Posts: 2460
Incept: 2009-02-05
Zombie Portal Lookout
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Is it time to hide the women and the children?
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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910
"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
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Mdm
Posts: 333
Incept: 2010-10-13
South Florida
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They will "borrow" and then replace it when the debt ceiling is raised with newly printed, newly devalued dollars. Even if they return the money, it is still theft because the dollars they will be returning will have less value. This is no different then borrowing someone's car, getting into a fender bender, returning the car and thinking that the returned car is just fine since it still runs and performs its intended functions.
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Asimov
Posts: 104066
Incept: 2007-08-26
East Tennessee Eastern Time
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401k "conversion" to treasuries is next.
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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
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Gates
Posts: 6276
Incept: 2008-01-29
Scottsdale
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Asi - yep, small step from here to there - but that was called here on the TF what - 2 years ago?
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Rickyd
Posts: 585
Incept: 2009-07-07
Ontario, Canada
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Karl...they are going in the opposite direction to your "three hots and a cot".
Eventually, IF there is any form of default, say goodbye to those retirement funds.
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"We have a crisis of values that is extremely deep"
Professor Jeffrey Sachs of Columbia University
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Viper
Posts: 1064
Incept: 2007-08-28
Madison, WI
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Asi, I think you're right. I've been worried about that for a few years now. If they try that I think you will see lots of people pulling their money out and taking the tax hits...
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Beango
Posts: 610
Incept: 2009-06-05
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Isn't most of the borrowing these days used to pay entitlements? So they are going to dip into entitlement reserves to pay entitlement dues? 
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Money printing and government spending is the modern day virgin sacrifice
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Jackl
Posts: 2237
Incept: 2008-01-17
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Here we are at 14 trillion public, with 20 trillion more looking down at us within a decade. And they can't even cut 60. The dems almost fainted over the ryan 1 trillion plan. People can't even imagine what the government is like if it didn't borrow half it's budget. The trillion+ deficit was excused by the fact it supposed to be mega temporary. Whats their definition of temporary? When the debt is doubled within 3 more year from it's pre-2008 amount?
2 more months to decide whether to cut a penny or a nickel out of a dollar. Whoopie. These guys are playing the over-leveraged California Liar Loan homeowners playbook step by step.
1. Get more debt then you can pay.
2. Slowly lose your ability to pay.
3. Amass more debt to pretend you can pay.
4. Cry to everyone its so unfair that you took the money in the first place.
5. Sell off assets
6. Default.
"No one saw it coming" in T-minus 3 months.
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Ripley
Posts: 96
Incept: 2010-09-26
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Although one has to be in a "pay status" to borrow from their Thrift Savings Plan account (Federal government employee equivalent of a 401(k)), it is possible for employees to borrow from their accounts even when furloughed, if the anticipated furlough occurs April 9. The current interest rate is 3%. The maximum loan available to an employee is $50,000 or your vested account balance, whichever is less.
Maybe every federal employee should take out the largest loan that they can, with the longest possible payback period to reduce the amount of money available for the government to borrow. Your loan is not in arrears until 2 1/2 pay periods after a payment is due.
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Rickyd
Posts: 585
Incept: 2009-07-07
Ontario, Canada
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@Asi
That action will be a very bad milestone.
Trying to socialize that action will be the final straw to a lot of people.
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"We have a crisis of values that is extremely deep"
Professor Jeffrey Sachs of Columbia University
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Trades50
Posts: 4218
Incept: 2007-10-30
Land of Tax and Spend
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Quote: 401k "conversion" to treasuries is next. Know a Obama support said it would never happen. He said people would get weapons and take to the street if that occurred. He said he would even get a gun.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Tickergroupie
Posts: 431
Incept: 2010-03-24
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and so it begins...
For real.
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Penguinzee
Posts: 226
Incept: 2010-06-13
Tampa Bay, FL
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It's either this, or print more money (or probably both)... but I can see this as being part of the plan, to keep the ponzi going... next stop, 401ks & IRAs, then couch cushions...
[tinfoil] Might be part of the plan on converting to the New World Order-take away the proles' money, and still stick them with the debt-instant debt slaves...and all money belongs to the banksters... [/tinfoil]
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Crime is far too lucrative a game to let the little people play.-popofthebright
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Eighty6thebs
Posts: 4183
Incept: 2007-06-26
It's contained to sub-prime!
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So taking every dollar out of the retirement plan for all federal employees will only run the government for 2 months? Boy that should tell us something right there.
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Anti
Posts: 4302
Incept: 2007-10-09
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That lines up in time pretty well with the end of QE...
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Health is better than health insurance
http://gerson.org/
Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis.
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Eighty6thebs
Posts: 4183
Incept: 2007-06-26
It's contained to sub-prime!
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Why not just do a "sale lease back" on all federal property. GE capital could make a mint and we'd have more money to spend. Win-win
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Bertdilbert
Posts: 2666
Incept: 2008-12-22
CA
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America is not broke! - Michael Moore
Once our politicians discovered they could print money, there is no turning back folks, it is over.
All this money printing is going to break China. China pegged to the dollar, commodities rising and falling dollar is a recipe to break China. I keep flipping as to whether Europe or China cracks first. I am starting to lean more towards China now. It won't be the first time we broke China with our monetary policy.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Frat
Posts: 1935
Incept: 2009-07-15
NKY
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"Tanks in the streets!"
Sigh. It gets old. They're getting desperate.
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We're ****ed. Where's Henry Bowman when you need him?
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Thesev
Posts: 1385
Incept: 2007-10-30
Louisiana
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Note that these ideas are all focused on finding more money to spend.
spend. That's the problem.
Which puts them 180 around from where they should be.
BONED we are.
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The reason the republic isn't working is that it's being run as a democracy.
It doesn't matter who you are, or who you Think you are, the Math is Going to Win.
Reason: said better
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Eli
Posts: 7215
Incept: 2007-09-10
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They will find a way to kick the can. They always do.
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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell
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Eighty6thebs
Posts: 4183
Incept: 2007-06-26
It's contained to sub-prime!
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"commodities rising and falling dollar is a recipe to break China" and the US lower and middle class.
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Sopratutt1
Posts: 93
Incept: 2009-12-06
Toronto
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Quote:what do you call it when someone sticks a gun in your face and demands all your money? lovemaking? You can take a man's house, you can take his money, but you can't take his freedom as there's no freedom around these days. Timmy is doing a great job, he's the the only one to replace Bernanke and be able to raise the bar. |
