Yellen's warning about the debt ceiling.

OK, so Janet Yellen warns that if the congress doesn't increase the debt ceiling by June, the US could default on it's $31 trillion national debt. The warning was dutifully reported on by the media in appropriately solemn tones. Janet descends like a goddess from on high and declares this epiphany.

Is anyone curious about the timing of this warning? Wy weren't we talking about this debt limit when Biden and his congress crammed through the $1.7 trillion spending debacle just one month prior in the lame duck democratic congress?

Is it best if we just default in 2023 and get it over with? Maybe it would be doing our children and grandchildren a huge favor! Or should we just wait until our debt is, say, $60 trillion?

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akindheart · 61-69, F

Good Point. She has issued this warning in order to get herself off the hook. The Dems are leading us straight into a recession or worse, Depression. Maybe we can take the MIchelle Obama walking park or the Nancy Pelosi federal building out of the picture

whowasthatmaskedman · 70-79, M

@akindheart Every administration since Nixon has been contributing to the recession America is about to have. And the world is still going to follow America. Just not as far down the rabbit hole... Oddly enough. we can partly thank Putin for that.. His threat to European gas supplies has pushed Europe to speed up alternatives and is responsible for gas prices actually dropping somewhat as winter doesnt see people freezing in their homes..😷

akindheart · 61-69, F

@whowasthatmaskedman Actually remember that Clinton balanced the budget, of course using social security funds. I just saw that Putin is going to retire.

whowasthatmaskedman · 70-79, M

@akindheart Clinton fudged the numbers. But made it look good for a while. But the central point is that America has been importing way more than it exports year on year for decades. And counting on "owning the bank" in the monoploy game of international trade to cover their tracks.. As Isaac Newton said. "What goes up, must come down" Contrary to Wall Street, money is not a commodity you can just create out of nothing. Its a medium of exchange of value. You have to produce something else to get it. And America doesnt...😷

irishmolly72 · 56-60, F

@whowasthatmaskedman Europe has been lucky with a mild winter so far.

irishmolly72 · 56-60, F

@whowasthatmaskedman Welcome to the world of fiat! (Not the car :) ) What's a trillion here ot there between friends?

whowasthatmaskedman · 70-79, M

@irishmolly72 I agree. Fiat currency is fine.. Until one side of the transcation gets the idea that either maybe they arent ever going to see any real value, or they can do a better deal elsewhere and stop taking it.. I suspect in this case a little from column A and a lot from Column B...😷