[RC one]

Will someone please explain to me how raising the debt limit over and over and over again isn’t defaulting on the debt?

[Wingy]

Have no fear. If London doesn't knock the stuffing out of the PM's, then NY will bring them back to "normal" valuations.

Count on it...

[onyx]

Final FReepathon of the Year.

PLEASE Make Your Donations Today!

[Yo-Yo]

It should be just the opposite. Raising the debt ceiling just extends the Ponzi scheme so that current bondholders will get interest payments and future bond buyers will be left holding the bag. Had we not passed the debt ceiling limit increase, current bondholders would have been the ones holding worthless paper.

But the Ponzi scheme can’t continue forever, and we are already well past the tipping point. It’s just a matter of when we run out of suckers. Oh yeah, we found the Fed, so we may never run out...