Farooq
FULL MEMBER
- Joined
- Dec 22, 2010
- Messages
- 1,404
- Reaction score
- -1
- Country
- Location
This week started with President Obama Monday demanding lawmakers raise the U.S.’s $16.4 trillion debt ceiling, warning Republicans not to insist on spending cuts in return. The same day, Federal Reserve Chairman Ben Bernanke advocated getting rid of the debt limit altogether. The Washington Post reports in a conversation at the University of Michigan Bernanke said the debt ceiling has only “symbolic value.”
And the week ends with lawmakers still careening towards a deadline somewhere between mid-February and late March, when the U.S. will run out of funding for most government programs and risk default. They have no plan to raise the ceiling or abolish it. Even so, perhaps playing chicken with the debt limit, a charade we already witnessed once before in 2011, is not the real story.
“Bernanke is quite correct, it is theatrics,” Doug Casey, chairman of Casey Research, professional investor, and author of Totally Incorrect: Conversations with Doug Casey tells The Daily Ticker. “The problem is the amount of debt itself. The problem is so big at this point, I think it’s very questionable whether this can be solved at all.”
America Should Declare Bankruptcy: Doug Casey | Daily Ticker - Yahoo! Finance
And the week ends with lawmakers still careening towards a deadline somewhere between mid-February and late March, when the U.S. will run out of funding for most government programs and risk default. They have no plan to raise the ceiling or abolish it. Even so, perhaps playing chicken with the debt limit, a charade we already witnessed once before in 2011, is not the real story.
“Bernanke is quite correct, it is theatrics,” Doug Casey, chairman of Casey Research, professional investor, and author of Totally Incorrect: Conversations with Doug Casey tells The Daily Ticker. “The problem is the amount of debt itself. The problem is so big at this point, I think it’s very questionable whether this can be solved at all.”
America Should Declare Bankruptcy: Doug Casey | Daily Ticker - Yahoo! Finance
