Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login
Posted: 4/2/2002 9:37:25 PM EDT
[b]Has anyone read the book, "The Patriot"??[/b] U.S. Moves to Avoid Debt Default Tue Apr 2,12:34 PM ET By JEANNINE AVERSA, Associated Press Writer [URL=http://story.news.yahoo.com/news?tm...e/debt_limit_42]http://story.news.yahoo.com/news?tm...e/debt_limit_42[/URL] [b]WASHINGTON (AP) - The Bush administration will take steps this week to prevent an unprecedented default on the national debt[/b] by moving federal retirement funds into a non-interest-bearing account, freeing up room for more borrowing. The juggling of federal retirement accounts, which has been done before in standoffs with Congress over raising the debt limit, will not harm federal employees' retirement nest eggs, Treasury officials said Tuesday. The lost interest payments will be made up in coming months. Treasury Secretary Paul O'Neill explained his plans in a letter to congressional leaders. He said his action involving the Federal Employees Retirement System interest-bearing account known as the G-Fund was done previously in 1995 by Robert Rubin, who was treasury secretary in the Clinton administration. Without the shifting of funds, Treasury would not have been able to borrow the money it will need in coming weeks to keep the government operating, including making payments on debt that is coming due. 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. "I know that you share the president's and my commitment to maintaining the full faith and credit of the U.S. government, especially at this critical time," O'Neill said in a letter to congressional leaders. "Together we must continue working to enact an increase in the statutory debt limit as quickly as possible to avoid any negative repercussions at home or abroad," O'Neill said in his letter. Treasury officials also announced Tuesday that they will auction 19-day and 12-day short-term cash management bills totaling $46 billion on Tuesday and Wednesday to refill government coffers. Officials said the shift in the federal retirement accounts, which makes room for the increased borrowing, will begin Thursday and continue to around April 18, when the government will be receiving billions of dollars in income tax payments. O'Neill stressed that the government retirement account "will receive complete restoration of all funds temporarily affected by this necessary action, including full and automatic restoration of any interest that would have been credited to the fund." Treasury had warned that the $5.95 trillion debt ceiling would be hit sometime this week without action from Congress to raise the borrowing limit. ****end of article**** Wake up America Franklin [url=http://www.survivalforum.com]SurvivalForum[/url]
Link Posted: 4/2/2002 9:56:52 PM EDT
Dude,they aint gonna wake up.Its over man it really is,i dont know why we even call this country "Land of the free and home of the brave"it isnt anymore. I have come to grips with the fact we have dug our selves a hole and its gonna take alot of hard work and suffering to get out of it and the pussified American people wanna ride this this economy into the ground. The sad part will be at the end of this Rainbow,cause the more we ride the harder it is to get out of. I have seen since 9/11,when a tragedy hits the American people will lie down and let our rights go right down the drain.But what the hell can we do about it,nothing. See the one flaw with our system of goverment is that the forefathers nver thought that WE THE PEOPLE would become a bunch of Punnanie's,and thats exactly what we have become.We have let the weak links of our society become the ruling class and they have ruled with their own worst fears in mind. I dont know what else to say,WE THE PEOPLE have let this happen its nobodys fault but our own. We could turn this around,but man its gonna hurt and i dont think it will fly with the materialistic America we have now.So i think were SOL.
Link Posted: 4/3/2002 8:33:17 AM EDT
Don't you love central banking? tdkak: The only way the government will let the system collaspe is when they want it to collaspe. Corporations and even most foreign governments have no legal power as of now to "collect" from the US government. As long as they stay the ultimate racket, we can spend ourselves into oblivion. themao [chainsawkill]
Link Posted: 4/3/2002 8:39:16 AM EDT
Uhhh... Do you mean "Patriots," by James Wesley, Rawles? -White Horse
Link Posted: 4/3/2002 9:50:17 AM EDT
I just read that as of today, the national debt is $6,005,511,463,777.25. If you divide that by the number of people in the country (about 260,000,000), you end-up with $23,098 per person! I read that only about 40% of the people in this country pay taxes (some are children, many are retired, etc.). I couldn't find a current figure, so I'll use that one. So as a tax payer, my part of the debt goes up to $38,496. Between me and my wife, that's $96,240 between us for our part of the debt, if we had to pay it. Between my house, two (broken) cars, and property, I'm not worth that. That's depressing thinking my family's part of the national debt is more than what my family is worth. If I can't pay my families portion of the national debt, after working 5+ days a week for 60 years, how can we ever hope to pay it off? I haven't wasted money on expensive cars, vacations, or (much) on guns, so how in the world is the average person now, with kids in private school, an expensive SUV, extravagant clothes, expensive cellphone bills, and eats out often going to afford their part?z
Link Posted: 4/3/2002 10:06:21 AM EDT
Originally Posted By tdkak: Dude,they aint gonna wake up.Its over man it really is,i dont know why we even call this country "Land of the free and home of the brave"it isnt anymore. I have come to grips with the fact we have dug our selves a hole and its gonna take alot of hard work and suffering to get out of it and the pussified American people wanna ride this this economy into the ground. The sad part will be at the end of this Rainbow,cause the more we ride the harder it is to get out of. I have seen since 9/11,when a tragedy hits the American people will lie down and let our rights go right down the drain.But what the hell can we do about it,nothing. See the one flaw with our system of goverment is that the forefathers nver thought that WE THE PEOPLE would become a bunch of Punnanie's,and thats exactly what we have become.We have let the weak links of our society become the ruling class and they have ruled with their own worst fears in mind. I dont know what else to say,WE THE PEOPLE have let this happen its nobodys fault but our own. We could turn this around,but man its gonna hurt and i dont think it will fly with the materialistic America we have now.So i think were SOL.
View Quote
This may be wrong and anyone may feel free to correct me, but didn't someone ask Benjamin Franklin after the constitutional convention if they put together a democracy and Franklin responds "No we gave you a Republic now lets see if you can keep it."
Link Posted: 4/3/2002 10:24:23 AM EDT
[Last Edit: 4/3/2002 10:25:22 AM EDT by 7]
[img]www.brillig.com/debt_clock/debtc.gif[/img] Refresh and watch it go up. The estimated population of the United States is 286,895,516 so each citizen's share of this debt is $20,792.67. The National Debt has continued to increase an average of $843 million per day since September 28, 2001!
Link Posted: 4/3/2002 11:41:56 AM EDT
Sure, but the idiots on this board shout me down whenever I say we need a smaller military and a much less government. It's a moot point in a lot of ways--government can only grow until it reaches the point where it can't tax the people enough to keep everything going, at which point it shrinks very rapidly and dangerously. I have no doubt that America is headed for real trouble, it's only a matter of when and what will ultimately transpire. But look on the bright side--if you survive the collapse, there will be a whole new era of free market prosperity to look forward to. It won't take long for people to remember their roots and start doing things right again if they are forced to.
Link Posted: 4/3/2002 12:46:43 PM EDT
Ah... the joys of welfare and foreign aid.
Link Posted: 4/5/2002 12:56:32 AM EDT
Your right shooter it was Ben Franklin.NO we have not kept it.
Top Top