how long is this nonsense in America expected to last? anyone know

Loughton_Monkey

The_White_Horse wrote: »

what is the point of this debt ceiling - it will forever be raised and in 100 years their debt will be 300 billion trillion or whatever. it's utter pointless.

Don't knock it. There is good entertainment to be had here.

To cut a long story short, it's merely a cunning plan by China and Russia [with a few oil-rich arab states] to force the west into an exponential debt situation, the end result of which will be the end of Fiat currencies as we know it. Western economies will collapse along with the entire banking system, consigning us to a new paradigm of cannibalism, slavery, and abject poverty whilst oil and mineral rich countries watch the mutual assured destruction that will go with it. This will be followed by the Chinese and Russian armies sweeping through the entire former western territories, colonising them for their own use, burying the dead, consigning the undead to perpetual slavery, and creating a whole new world order of ultra right wing extremism, based around a new currency called the "Goldman Sachs".

But don't worry. It won't happen for a few years yet.

purch

The_White_Horse wrote: »

what is the point of this debt ceiling

Having a debt ceiling allows Congress to think that they have control over the President and his administration.

Not raising the debt ceiling would cause the US Government to default, which would be in contravention of the 14th amendment.

So in essence neither the Congress nor the Administration have any control whatsoever.

Generali

purch wrote: »

Having a debt ceiling allows Congress to think that they have control over the President and his administration.

Not raising the debt ceiling would cause the US Government to default, which would be in contravention of the 14th amendment.

So in essence neither the Congress nor the Administration have any control whatsoever.

Congress used to have to vote in favour of every debt issuance in the US.

During WWI, they patriotically passed a law which said that the President could issue as much debt as required to a certain level.

Rather like income tax in the c19th UK, this was meant to be a short-term emergency measure.

Masomnia

The_White_Horse wrote: »

what is the point of this debt ceiling - it will forever be raised and in 100 years their debt will be 300 billion trillion or whatever. it's utter pointless.

I guess it's part of the system of checks and balances they have, limits the power of the executive to borrow money on US citizens' behalf.