Posted on 01/19/2023 9:38:11 AM PST by ChicagoConservative27
Senate Minority Leader Mitch McConnell (R-Ky.) said Thursday he is confident that the U.S. will never default on its debt and that he is not concerned a financial crisis could be on the horizon.
McConnell told reporters in his home state that while the push to raise the debt ceiling is “always a rather contentious effort,” he believes lawmakers will succeed at doing so before the Treasury exhausts its “extraordinary measures” in June.
“No, I would not be concerned about a financial crisis,” McConnell told a gaggle of reporters following an event at the University of Louisville to discuss disaster relief funding.
“In the end, I think the important thing to remember is that America must never default on its debt. It never has, and it never will,” he said. “We’ll end up in some kind of negotiation with the administration over what the circumstances or conditions under which the debt ceiling be raised.”
(Excerpt) Read more at thehill.com ...
Getting ready to sell us out again
Of course they will default on the debt. That is what inflation is, a default of the debt.
I wouldn’t by a U.S. bond or lend the U.S. government a copper clad zinc penny.
The Weimar Republic of Germany had a similar battle plan. There was absolutely ZILCH backing the German mark by 1920. When it was learned that the value of perfectly good paper could be sharply decreased by printing it out as German currency, sharp dealers immediately diverted all paper supplies away from the German treasury.
The economic recovery came from assuming all assets in real estate and land holdings were converted to “Rentmarks”, and the Reichmark value was pegged to that standard, as Germany had been stripped of all gold assets as war reparations to Great Britain and France. It was a bold move, but that enabled the Third Reich to rearm and continue with the Great War, Part II.
As I recall, that ended rather badly.
Inflation is a defacto default.
“...U.S. will never default on its debt...”
... so long as the U.S. exists.
Nice sentiment, Mitch. You have been in Congressional leadership while the debt was run up. You will be dead when the s___t hits the fan.
LOL! So Mitch helps Pelosi run up staggering debt that goes to their friends and NOW says crap like this?????
Not to mention they defaulted on silver certificates too
The US isn’t in isolation in all this. Lots of debt and printed money in other countries as well. The whole collapse of things might be triggered by some other country and then cascading dominoes will engulf everyone.
We’ll end up in some kind of negotiation with the administration over what the circumstances or conditions under which the debt ceiling be raised.
It’s incompetent fools like him that causes debt he’s all let’s make a deal for the good old boy club.
He’s due for a full time rocking chair.
So all of MY assets are still in danger.
OK then.
I just typed that!
I may not be the actual ‘King of the World’, but, by golly, I am a Citizen of the Greatest Kingdom on EARTH!!
Of course this is true. The US MUST pay its obligations under the Constitution…it cannot default. Luckily, regardless of the desire for further borrowing, the US receives more than enough money to pay its debt service, which is the ONLY thing “default” is concerned with.
The modern financial system is totally reliant on the belief in the “full faith and credit” of states and private actors.
If that faith is punctured there are not enough assets to cover all the obligations.
Short version—the world is insolvent.
All of it.
Just a matter of time until it blows up.
But difficult to predict when that is.
In math it’s called the Law of Diminishing Returns, It will prove Mitch wrong.
“The US MUST pay its obligations under the Constitution”
You seriously believe that anyone in DC or the banking system could care less about the Constitution in the event of a true catastrophic financial crisis?
I would bet that word (”Constitution”) is never spoken even once in any of the panic meetings.
Not going to have a choice:
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