Posted on 10/02/2021 4:06:14 AM PDT by gattaca
Yellen has warned of dire financial consequences if the debt limit is not increased and the country cannot repay its debts.
Treasury Secretary Janet Yellen said Thursday she would like to see Congress’ power over debt limits taken away from the legislative body, as the federal government's borrowing power is set to expire Oct. 18.
Yellen, who has warned of dire financial consequences if the United States' debt limit is not increased, and the country cannot repay its debts, also said, "yes I would" when asked by Congress whether she supports a recently proposed House bill to repeal the national debt ceiling, according to CNBC.
She argued Congress makes the decisions on taxes and spending, so it should also provide the ability to pay those obligations.
"If to finance those spending and tax decisions, it's necessary to issue additional debt, I believe it’s very disruptive to put the president and myself, the Treasury secretary, in a situation where we might be unable to pay the bills that result from those past decisions," she said in response to a question from Rep. Sean Casten, an Illinois Democrat.
However, Casten said he was asking Yellen about the concept of removing the debt ceiling and not the particular bill.
The U.S. is $28.4 trillion in debt, nearly $700 billion of which has been incurred since President Biden took office and chose Yellen to head the Treasury. The budget deficit through the first 10 months of the fiscal year stood at $2.71 trillion, CNBC also reports.
she would like to see Congress’ power over debt limits taken away from the legislative body,
Of course she would...can’t let those pesky congresscritters do their jobs.
Imagine all the helpful spending then, if there were no limits!
Yellen backs idea of removing Congress’ authority over debt limit,>>>>>>>>>>>>>>>>>
And then we would be well on our way to being a more Totalitarian state. If our elected Reps DO NOT control the purse strings, the deep state will.
VERY BAD. ITS HOW THE NAZIS TOOK OPVER INDUSTRIAL GERMANY TO MAKE THEIR WAR MACHINE.
No US citizen will be safe from the huge survellance machine put in place ( IRS and others) and paid for without COngressional control.
Republican Senators that voted for Yellen’s confirmation:
Blunt (R-MO)
Braun (R-IN)
Burr (R-NC)
Capito (R-WV)
Cassidy (R-LA)
Collins (R-ME)
Cornyn (R-TX)
Crapo (R-ID)
Daines (R-MT)
Ernst (R-IA)
Fischer (R-NE)
Graham (R-SC)
Grassley (R-IA)
Hagerty (R-TN)
Hyde-Smith (R-MS)
Inhofe (R-OK)
Johnson (R-WI)
Kennedy (R-LA)
Lankford (R-OK)
Lummis (R-WY)
Marshall (R-KS)
McConnell (R-KY)
Moran (R-KS)
Murkowski (R-AK)
Portman (R-OH)
Romney (R-UT)
Rounds (R-SD)
Sasse (R-NE)
Scott (R-SC)
Thune (R-SD)
Tillis (R-NC)
Toomey (R-PA)
Wicker (R-MS)
Young (R-IN)
“Yellen has warned of dire financial consequences if the debt limit is not increased and the country cannot repay its debts.“
Yes, that’s the first lesson every young person needs to learn. If you can’t pay your bills, just keep borrowing like hell.
What she doesn’t realize is if there is a constitutional amendment it would end with what she wants instead they might get one that requires a balanced budget.
Here’s an idea for Ms. Yellen. Start printing Trillion $ bills, just like Zimbabwe.
Then we’re all rich and there’s no need for taxes.
I’m sure there is some economic rule I’ve overlooked, but what the hey! We’ll worry about that next year.
Just another swamp dwelling, ugly old Bat that should’ve been shuffled off to retirement just like Fascist Fauci years ago.
Congress does not work the way it was described to us in seventh grade civics. Every vote on every item is on the basis of trade for other votes. I’ll vote for your bill on x if you vote for my bill on y. You’d hope that since almost every bill is total politics that the congresscritter in question has judged that even with his vote it will/won’t pass and gives his vote on that basis. But, he’s judged that with the votes thus bought his bill on n will pass even though those who voted for it don’t like n.
Occasionally, to satisfy their constituents a congresscritter might vote on “principle.” But that’s probably a rare occurrence.
The Federal Reserve = a group of criminals, counterfeiters (among other charges). congress has yet to call them out on this fact.
Neither criminal organization is above the laws written in our Constitution. WHAT! you say - THE FEDERAL RESERVE was not in any way even mentioned by our Founding Fathers?
ABOLISH the FEDERAL RESERVE, SAVE AMERICA.
congress must learn to balance a budget. live only within its means - as all Americans must do. TAKE AWAY THEIR CREDIT CARDS.
yellen is a millionaire rat
The last marker of responsibility that the voters can identify with is the budget. It is the responsibility of the legislative branch of the feds to apply the taxpayers money in the best interest of the citizens, the ones that provide it.
Congress is nothing more than a purchasing agent concerning tax money and investment and are expected to stay within there purveyance and not create a shortfall in the budget and/or the other many funds already declared paramount for some need and supposedly the correct amount in them to get the task accomplished. Removing above the previous limit from other balanced funds by borrowing and allowing uncompromised spending is like plastic surgery. When you take too much skin from an area the area dies while you wait for it to grow back. And in time, the body is unable to function and it dies.
wy6t9
“the country cannot repay its debts”
The USA can not repay its national debt with honest money.
What the national government is doing is to create substantial inflation while relying on the banks to collectively cheat depositors.
The US government is also understating inflation and cheating foreign governments lending the US government money.
Depositors are seeing their bills such as property taxes rise faster than their bank account balances.
At some point in time increases these property taxes will have to be capped to bank CD interest rates or limited to a percentage of income of income-producing property.
So she thinks the idea of a constitution is dead?
There was a reason that the founders placed the purse strings of the nation in the hands of the body closest to the people, the House with the Senate approving the budget.
Is that a perfect solution? No, because of kickback and bribes of Congress.
The Fed is largely unregulated and shrouded in mystery. (and Treachery)
Just imagine, if the control of all money was in un-elected bureaucrap hands on a global scale? The “Great Reset” wants to be exactly that.
Trump was also chauffeuring us down the same road with scamdemic excesses. I’m not sure the dipsh!ts in DC have enough brains to implement the plan you spoke of but they certainly can blunder into that situation. Not only are they going to screw me on the bonds I own when paying off with worthless gubmint script, they’re also double dipping me, so to speak, on social security. I’ll probably get a 6% increase for the entire next year when the gubmint script they send has devalued 50% by say, June.
The debt ceiling is a built-in reminder that Congress is “kicking the can” of fiscal responsibility into the future.
With a debt limit Congress can pretend that there is some restrain on its spending and so can the people lending out money.
Without a debt limit, money will eventually be lent on the basis of national debt.
If the national debt is increased by six percent, a private loan at say a nominal 3% interest rate will have its principal amount increased in line with the national debt increase of six percent.
Mortgages and bonds might have a fixed payment interest rate, a variable national debt-linked principal balance interest rate and a principal balance payoff rate.
Sensible foreign central banks will eventually insist on US national debt increase protection before accepting and converting US dollars into yen, yuan or euros.
“Between 2018 and 2020, Yellen had received over $7 million in speaking fees from financial companies such as Barclays, Citigroup, Goldman Sachs, and the hedge fund Citadel after leaving the Federal Reserve.”
https://en.wikipedia.org/wiki/Janet_Yellen
As an American, I am very aware of how bank depositors are getting cheated by inflation caused by reckless federal government spending.
Eventually, the Chinese government will also wise up to the misleading US government inflation rate figures.
The Chinese might nationalize US factories and US intellectual property in China and pay their owners off in say 2018 and 2019 US debt notes on the 2018 and 2019 dollar values of the nationalized assets.
“warned of dire financial consequences if the United States’ debt limit is not increased, and the country cannot repay its debts”
What a polar opposite contradiction that makes absolutely no rational logical sense at all... Sounds like a two bit credit card company who welcomes you running up a debt you can never pay off so that they can collect higher interest forever.
Only a complete idiot would believe this scam.
Holders of say $10,000 US government bonds should be aware that they might be paid off in “Charmin” $10,000 bills that lack the text “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE”.
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