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View Diary: If GOP Forces a Default, Americans' Wealth Could Be Cut in Half (151 comments)

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  •  If these collective clowns crash through the debt (33+ / 0-)

    ceiling there is no safe place for your money. The US dollar is the currency of international settlement and what backs the dollar is "the full faith and credit," of the US government. Once this is questioned, then the follow on effects will destroy the dollar as the international currency of settlement and the last resort of investors and bankers worldwide, the US dollar will lose its status as the "safe haven," currency and just be revealed for what it is, paper.

    Money has only two purposes: 1) as a medium of exchange, and 2) as a store of value. In the event that the US proves to the world that its political process is so undependable that it doesn't care about the effects of its actions on the world markets, then the US will lose its standing and the dollar, as the international currency, will disappear. Everything will become more expensive, especially energy and food, and US credit instruments (treasuries) will be anathema on the world market.

    Destroying the domestic economy by eliminating the trust of people in their government backed currency is just a small part of the crushing effects of ruining the "full faith and credit," of the US government. The promise to pay, or receive value for your currency, is what Republicans are on the brink of destroying. This is why Wall Street is sure that the Congress won't go over the brink. They are wrong.

    The Republicans don't care, they welcome chaos, and in their insanity they believe they can rise to power as a result of the ensuing chaos. These people are mad, mad with a lust for power and certain that power will be theirs if they execute their plan. Every American, every person worldwide, should be working to crush this Republican fantasy "cloud cuckoo land," and the Republican Party, it is the Neo-Confederate Party and its trying to bring the US dollar to par value with the Confederate dollar... They must be stopped!    

    "Intelligence is quickness in seeing things as they are..." George Santayana

    by KJG52 on Tue Oct 08, 2013 at 05:51:27 PM PDT

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