Skip to comments.IMF CHIEF: U.S. DANCE WITH THE DEBT LIMIT IS VERY, VERY CONCERNING
Posted on 10/14/2013 4:39:16 AM PDT by SatinDoll
The chief of the International Monetary Fund [IMF] says the U.S. governments stalemate over spending and its debt limit is very, very concerning and could roll back economic progress around the world.
Christine Lagarde, who took over the financial watchdog-and-rescue organization in 2011, said global finance ministers assembled for meetings in Washington last week feeling like Japan had finally turned the corner and that economies in the U.S. and Europe were on the upswing.
And then they found out that the debt ceiling was the issue, she said Sunday on NBCs Meet the Press. They found out that the government had shut down and that there was no remedy in sight. So it really completely transformed the meeting in the last few days.
Ms. Lagarde, a lawyer from France, added a global perspective to the standoff that has roiled Washington for weeks and befuddled overseas investors who typically view the U.S. as a paragon of financial rectitude.
Instead, Senate leaders are trying to forge a deal that would extend the federal debt limit and end a government shutdown about to enter its third week.
Lawmakers are increasingly optimistic about a deal, because the country is flirting with default on its debts if the standoff hurtles past Thursday, the Treasury-designated deadline to raise the debt ceiling.
Well figure it out, and it will probably be a relatively short-term solution, Sen. Rob Portman, Ohio Republican, said on NBC.
(Excerpt) Read more at washingtontimes.com ...
Christine Lagarde is a socialist, typically French-style. 'Oh, they believed that everything was going swimmingly because Japan was looking up...' and then those dastardly Republicans popped up demanding an eradication of Obamacare and a balanced budget; you know, reduced spending! And it ruined our meeting.
There are five people who are central to this corrupt organization in Chicago: Christine Legarde, Maurice Strong (Canada), Leo W. Gerard (Canada), Rioja Family of Chicago (narcotics trafficking), and George Soros. These folks are enemies of the state, and do not have our best interests at heart.
We have enough Federal tax revenues to pay the interest on the debt. We can prevent default.
The devil is in the details!
Wow. Not just very concerning, but very VERY concerning.
They must really be concerned.
Yep. All their plans for a Marxist-dominated America going up in smoke...
Too bad, so sad.
I believe they are concerned. Just guessing of course...
When, where, how, and who dies is not yet clear.
A better way to put it: WERE the U.S. to bring its short- and long-term budget deficit under control, this would be a big boost to the world economy.
As it is, we’ve been accumulating debt at a non-sustainable rate and have the prospect of an explosion of debt (because of our entitlement programs).
Would a short-term fix, such as authorizing additional borrowing AND not addressing the short- and long-term budget deficit problem, be an acceptable, “second best” solution?
I think that depends on the outcomes of the elections we will have over the next four years. Without a Republican President in 2016 and without a strong majority in the U.S. Senate, the country has no chance of surviving in any form that we would recognize as the United States. We’d become like Argentina or even Venezuela, and on the path toward Greece and Detroit.
So, a short-term fix is risky. But, that may be the best we can do.
BTW we’re not the only ones with in really bad shape. France is in worse shape than we are, and the UK and Ireland are in about the same shape that we are. Italy is looking o.k., Portugal is touch and go. And, Spain is increasingly looking hopeless.
Raising the debt limit solves nothing.
As someone earlier posted, borrowing money to pay down your debt is not paying down your debt.
What we are seeing is wealth transfer on a major scale. From the working class Americans to the world’s fat cats.
The United States is bleeding money. As a person with a major cut will bleed out and die if the bleeding is not stopped our economy will “die” if the flow of “blood” is not stopped.
Very concerning! Deploy the “strongly worded emails” that intentionally misuse prepositional phrases! That’ll teach those filthy Americans....
“... Without a Republican President in 2016 and without a strong majority in the U.S. Senate, the country has no chance of surviving in any form that we would recognize as the United States. Wed become like Argentina or even Venezuela, and on the path toward Greece and Detroit.”
Yeah, but what KIND of Republican? If we have a President like, say, Jeb Bush (horrors!!) we can all kiss our nation goodbye...
The progressives are so prevalent and so clever at creating language that obscures reality, it is difficult to discern any situation accurately in a particular event.
As a banker she should be asking...... how bad has Secretary Lew overdrawn his debt line? How much does the real debt exceed the legal ceiling?
The IMF has been sucking at the US teat for most of its “revenue”. The teat is drying up and they are panicking.
Christine Lagarde has ZERO credibility!
FU... you euro thieves pay back the 9.8 TRILLION in loans and grants that burnandyankme gave to you and STFO of our business.
If you were able to bring corruption, cronyism, fraud inder control in the government sector you’d probably have a surplus on hand al all debts could be paid immediately, however because they are wolves in sheeps clothing so I don’t see that happening anytime soon.
Um...I recognize your passion, but who is it aimed at exactly?
For it is our responsibility to ensure that BHO2 didn’t send massive amounts of cash overseas; do you understand?
Congress provided, or worse, failed to provide oversight of the money BHO2 sent to Al Qaida, and the Muslim Brotherhood, both of which are definitely America’s enemies. The representatives of both riddle our government, and still we do nothing to root them out and destroy them.
It’s hard to accept, but ultimately it is our fault for NOT uprooting and destroying a domestic enemy.
Do you agree with me?
Christine Lagarde, chief of the International Monetary Fund—In other words, the guy at the front of the line with his hand out.
They must really be concerned. *
...but not concerned enough to talk to Obama about trying to end the economically ruinous UnAffordable Healthcare Act.
*creating language that obscures reality*
Good phrase. One of the lamestream networks should adopt it:
“SeeBS, obscuring reality since 1972”
I take it you do not quarrel with the point that NO Democrat is acceptable. As to whether some Republicans are also unacceptable, I’d say this: slowing down the decline of the country is a good thing. This is all we could expect from establishment Republicans like Jeb Bush.
I am sorry, but the decline that we’re in started during Bush 43. He did not deliver on his campaign promises of 2000. He had the excuse of 9-11; but, looking back, it is clear he over-reacted. Declaring war on Afghanistan (”authorizing the use of force”) was correct. But, we should have realized that we were in a “long war” with Islamic extremists, and avoided getting decisively engaged in Iraq. Operation Iraqi Freedom cost us the Congress in 2006 and the White House in 2008. We went “all in” and lost our country to the Christian-hating, progressive socialist Democrats. A real conservative should recognize that the left is not simply the “honorable opposition,” but is another enemy of freedom.
For me to support somebody like Jeb Bush, he’d have to spell out why his brother was wrong. I just don’t see how he could do that. Plus, we have some emerging champions on our side. Rand Paul, Ted Cruz and Sarah Palin. Thank God for these patriots.
As to whether we back somebody like Jeb Bush because, according to some expert like Karl Rove, he can win while our preferred candidates can’t, I say that’s a risk I’m willing to take. As between (A) Go on the offense to turn the country around, versus (B) Go into the prevent defense to slow down the collapse of the country, I chose A.
The real problem’s going to be when we can’t borrow or print - and we can’t pay our bills. That’s going to happen ... if we keep electing democrats and RINOs...