Skip to comments.Fed Preparing For US Default Says Plosser
Posted on 07/20/2011 5:52:15 PM PDT by Kartographer
That giant whooshing, and humming, sound you hear are all the printers at the basement of Marriner Eccles getting refills and start the warm up process. Because according to the Fed Charles Plosser the Federal Reserve is actively preparing for the possibility that the United States could default. Which can only mean one thing: an immediate paradrop of millions of $100 bricks to every man woman and child in the US since as we all know by know Tim Geithner has repeatedly confirmed the Treasury has absolutely no default plans. None.
(Excerpt) Read more at zerohedge.com ...
I think that we are at the very least in for a collapse much like that of Argentinas ( http://www.youtube.com/watch?v=7yerKMQc7-w&feature=grec_index), but as a armed society with a very large entitlement minded population our collapse will be much more violent and I see many many small business wiped out by flash mob looting, and large scale violence (look at what happened just this past Memorial Day and 4th of July weekends)we are seeing these mobs grow bolder and bolder like:
Chicagos CBS 2s Jim Williams reports, the problem of mob attacks downtown is much bigger than the weekend beatings, according to beat cops who wanted to remain anonymous.
And its not just Chicago, but Washington DC, Las Vegas, St Paul, Philadelphia and on most major big Blue cities are increasingly reporting such flash mobs and gang muggings. Look what happened just this past weekend in Peoria, Il:
Teenage Flash Mob Robberies on the Rise:
Rash of violence isnt flash mobs, its wilding
Teens in a mob assault and rob Center City patrons
Milwaukee Police Go Barney Fife On Mob Attacks
Milwaukee Mob Victim Recalls Beating ... Oh, White Girl Bleeds a Lot
I see what I call Pocket Pogroms taking place in many big Blue cities and if you arent a 0bamamite yute or one of Holders People its going to get Reginald Denny bad for you very quickly.
For those who are just starting or are old hands at prepping you may find my Preparedness Manual helpfull. You can download it at:
For those of you who havent started already its time to prepare almost past time maybe. You needed to be stocking up on food guns, ammo, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools, things you buy everyday start buying two and put one up.
As the LDS say When the emergency is upon us the time for preparedness has past.
Or as the bible says: A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3
There is no greater disaster than to underestimate danger.
Underestimation can be fatal.
“an immediate paradrop of millions of $100 bricks to every man woman and child in the US”
Would have worked better than what’s going on now. Of course, what’s a little inflation among friends?
I'm trying to think what the FED can do.
Everything will be okay as long as the welfare checks get sent out.
They damn well better be on time and for the correct amount. /s
Interstingly I noticed that my local grocery store was about our of beans and rice. Hmmmmmm.
I hear the “there isn’t anything to worry about” but I don’t believe it. I firmly believe BO and company are trying to bring the economy down so they can rebuild it using a socialist model.
History is also quite clear on what happens when politicians spend with utter stupidity.
For one thing all many believe can afford is rice and beans.
The Internet will be an early casualty.
The whole business of “defaulting” seems disingenuous to me.
Seems like the government is not defaulting if it has the funds to service the debt. Which it does, based on current revenues and the cost of the debt.
Granted, there are a whole lot of others that will get only partial payment, but the debt service, SS and Medicare can be funded without borrowing.
Dems have really turned that around. Guess we'll be sellng Russia a lot of our wheat soon... and cheap!
The Bureau of Engraving and Printing prints the money and delivers it to the Federal Reserve Banks.
Well, I can't put them in my air conditioner, so I'll just have to wait until winter to feed them into my furnace.
Fed don’t need to do nothin’
Congress and the Executive Branch have lots to do.
So far they’re not doin’ it right..
Its been done before..
Harding cut the governments budget nearly in half between 1920 and 1922. The rest of Hardings approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third. The Federal Reserves activity, moreover, was hardly noticeable. As one economic historian puts it, Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction. 2 By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and was only 2.4 percent by 1923.
We are less than 48 hours until August 2? Is this so serious that time is being compressed?
Probably a reference to a phony deadline set by the Liar in Chief.
Keep posting that. I try to tell others about the 1920-1921 Depression as much as I can. The solution is right in our face, and the New Deal was poison.
This is what the RinoCrat Oligarchy think about Harding...he was able to upend Wilson’s plans for Communism in the USA...
Stalin had a 5 year plan...
0bama has a 4 year plan...
Start considering what new regulations are to go into “full” effect in 2013-2014, consider what expires in 2012,,,
What is happening today with the debt is only a hill of beans.
America wakes up NOW or we will experience utterly full collapse in 2012.
We are very, very late coming to this party.
After learning more about Wilson it’s obvious to me that the New Deal was the second chance at Wilson-like agenda. Also, learning more about Hoover was a surprise, finding out he was nothing but a central planning elitist himself. So much for out of control capitalism.
The first comment you see on that article is spot on! Picked it clean. What a piece of journalistic garbage.
I agree with what some on here have said about us being the only intact economy after WW2. I go along with that, and believe that’s the reason we survived as an economic power for so long. None of these policies are worth a damn, unless maintaining power is your only objective.
It was also eye opening to find out there were other Depressions before WWI like 1892. I think there was one right after the Civil War as well. Not to mention they used to call the crashes Panics, and there were several Panics before WWI.
They rewrote history, and Genesis chapter 1 of the liberal Bible starts in the year 1929.