Market alarm as US fails to control biggest debt in history

The Telegraph ^ | 12/11/2010 | Liam Halligan

[calex59]

I say bring back the gold standard, open up the mines in CA, which still have lots of gold in them, and set the price of US Treasury gold at an arbitrary price and keep it there. Also add silver backing to the gold. And STOP borrowing money from every other country in the world, stop spending and stop taxing Americans to death. Do away with the frickin’ welfare state.

[Newtoidaho]

I hope everyone likes the taste of ramen noodles. About all we’re going to be able to afford.

[BooBoo1000]

What it all boils down to is that we as a Nation are Broke. WE are not only broke but we owe untold amounts of money.Think about all of the things that the Government has to fund that are not on the books like Social Security.We are absolutely flat broke, and the crooks in Washington continue to print more money.

[PanzerKardinal]

[gleeaikin]

Nah, they can’t even print money. Did you here about the huge printing of $100 bills that had creases in them and all have to be destroyed now.

[HomersNose]

Well, here ya go... http://www.budget101.com/frugal/ramen-noodle-recipes-1548/

[Springfield Reformer]

That ... may be an unduly optimistic assessment.

[AnotherUnixGeek]

The US government is now servicing $13.8 trillion (£8.7 trilion) in declared liabilities – making it, by a long way, the world’s largest debtor. Around $414bn of US taxpayers’ money went on sovereign interest payments last year – around 4.5 times the budget of America’s Department of Education.

And Republicans have just committed to Obama's massive new stimulus plan in this "Bush-era tax cut compromise". Hundreds of billions in new, useless spending with money we're borrowing. This is after the Republican victory - apparently Republicans like Chuck Grassley and so-called fresh blood like Kristi Noem are too busy oinking for ethanol subsidy pork to worry about the future of this nation or any semblance of commitment to fiscal sanity.

The Republican class that will take over the House hasn't even taken office yet and it's already clear that it's just going to be business as usual. Our political class, Democrat and Republican, is bent on borrowing and spending the US into second-rank status as a nation.

[Jack Hammer]

So, in layman’s terms, this means that... basically we’re all completely fxxxed?

[Frank_2001]

“open up the mines in CA, which still have lots of gold in them,”

They’re probably full of rare bats and rats that need protecting/s;)

[taxtruth]

Don’t trust the us treasury with a
penny nor the government.They have already destroyed a nation and its currency along with their buds the no federal no reserves.These people are nothing more than crooks!

[calex59]

They closed them during WWII to allow the man power to go into the military and then failed to open them after the war. When some people tried to open several of them up again naturally the greenies stopped it saying that the chemicals used for mining were terrible things, thus ensuring that thousands of jobs were never opened up in Northern CA.

[Hostage]

Around $414bn of US taxpayers’ money went on sovereign interest payments last year – around 4.5 times the budget of America’s Department of Education.

I love how a problem and a factor in its cause are inadvertently embodied in one sentence. The author has no clue but he wrote it but assuredly doesn't see it.

[RobRoy]

My wife and I go to antique malls for fun. I’ve found something interesting. A lot of them have junk silver, and a lot of that junk silver is priced at less than $20 an oz, when calculating the actual silver content. Heck, I even get a lot of it in proof sets.

I’ve found a way to make it actually pay to go antique malling with my wife.

Just sayin’... ;)

[RobRoy]

Everything you need to know is right here:

http://www.chrismartenson.com/crashcourse

This has been brewing for a hundred years. It is literally a hundred year, or maybe a thousand year storm. It is not just national, but international, and it is gonna leave a mark.

[CommieCutter]

Kristi Noem and pork. Two words that go well together.

I’m sorry I had to say it, I have a crush.

[JustTheTruth]

Yup; the dollar is going down, down, down, down ....

Too bad most of the sheeple are clueless about it and about how to protect themselves and their savings. Very sad.

[TheThinker]

US Treasuries last week suffered their biggest two-day sell-off since the collapse of Lehman Brothers in September 2008. The borrowing costs of the government of the world’s largest economy have now risen by a quarter over the past four weeks.

Now, what say you Republican legislators who want to vote for this Tax Bill that's chock full of pork?

Well?

[Rocky]

Meanwhile, Congress debates Don’t Ask, Don’t Tell and DREAM amnesty.

The Obama Administration continues a moratorium on new oil wells offshore, has the EPA restricting CO2 emissions and putting a much tighter restriction on ozone, has OSHA putting much tougher requirements on industrial noise levels, and many more regulations that will cost business a lot of money and make them less competitive internationally.

The Democrats seem bound and determined to destroy this country, and they have just about succeeded. We are in for economic hell.

Don’t let people forget that the Democrats did this.