Follow up to: US Moves to Dodge National Debt Default

Associated Press ^ | 04/02/02 | JEANNINE AVERSA

[survivalforum.com]

U.S. Moves to Dodge Debt Default
Tue Apr 2, 4:26 PM ET
By JEANNINE AVERSA, Associated Press Writer

WASHINGTON - Treasury Secretary Paul O'Neill on Tuesday put into motion a plan to avert an unprecedented default on the national debt, two weeks after a deadlocked Congress avoided an election-year vote on extending the government's authority to borrow...

To dodge a default for now, O'Neill was moving federal retirement funds into a non-interest-bearing account, freeing room for more borrowing...

[Original Story, see source above or click here

Has anyone heard any follow up to this?

I was told that there is a Mr. Weiss(?) that puts out a financial news letter that is also talking about an IBM default of 35 billion and a Nextel Default on debt also coming up?

I would like to know if there is more info out there regarding the above.

Please advise.
Franklin

[survivalforum.com]

[exit82]

Not to worry. The Social Security lockbox is safe;).

[Lee_Atwater]

I was told that there is a Mr. Weiss(?) that puts out a financial news letter that is also talking about an IBM default of 35 billion and a Nextel Default on debt also coming up?

Yes, Dr. Weiss, I forget his first name. I actually got a direct mail from him today. I discarded it after giving it a quick look. He talked about various debt ridden companies. Nextel, I believe, was one of those mentioned. A couple other telecoms were mentioned as well. Basically, he believes the deflation will ultimately bury many companies with high debt ratios. Don't know much else about him, but it sounds like he does a good bit of short selling. Quite a bear, if you will.

[survivalforum.com]

Do you have a Web site for Dr. Weiss?

I was told he mentioned IBM approaching a debt default of 65 BILLION dollars and they only have 35 BILLION in assets...(from memory so forgive me if I am wrong)

Franklin

[Lee_Atwater]

I dug the mailing out of the garbage. His name is Martin D. Weiss.
The mailing I got was from Safe Money Report; Weiss evidently operates this investment letter in addition to his money management firm, Weiss Money Management.
Weiss does indeed mention IBM as having $35.1 billion in debt coming due within the next 12 months, and only $6.4 billion available to cover the debt.
Other firms mentioned are: Cisco, Nortel, JDS Uniphase, and Ford. He says these all have serious debt problems.

[survivalforum.com]

Are there any follow up articles to the national debt article? I really want to find something on this.

Franklin

[Lee_Atwater]

There was nothing in the mailing concerning sovereign debt, only corporate debt.

[survivalforum.com]

Good day..I am aware that there was nothing in the Weiss mailing regarding national debt...

In fact, I just read his latest mailing - Sleepwaling Towards Bankruptcy

I am looking for follow up articles however regarding the default on the national debt.

Ever since the story was published, I haven't heard another peep about it.

Franklin

[lakey]

Portion from the linked article: "If it had missed those payments, the government would have been technically in default on the $5.95 trillion national debt, something that has never happened in the country's history. That would cast a cloud over U.S. securitys, now considered the world's safest investment, and would mean the government would be forced to pay billions of dollars in higher interest payments on the national debt in future years."

If this isn't the strangest way of running a government's monetary system, I don't know what is. Of course, I don't understand the monetary system, anyway. And that is part of the problem...a system should be simple enough for citizens to figure out what's going on.

After all, it is money made off of the peoples' labors. Most of it? Some of it? None? Which is it?

Today, I read that Argentina has indefinitely closed all banking business. How many times have we, the US taxpayers, rescued that country, so our esteemed bankers would not suffer losses on bad loans? If they're so great at business and banking, how come they never learn?