I'm surprised no one has posted this yet. It's been all over ABC news radio today; http://www.abc.net.au/news/2012-09-21/swan-attacks-republican-cranks-and-crazies/4273438 Out of the blue, Swannie attacks! I'm wondering what prompted this? Pre-emptive strike against a similar movement in Aus maybe? It's a given that the gubmint has lurkers monitoring this and other forums. We must have 'em worried!
VVTF! The guy is insane. This kind of BS just makes Australia look like a joke to the investment world. STFU Black Swannie... pls just zip it!
Friggin idiot. If only those stupid voters hadn't voted for those cranks and crazies Obummer would have fixed the economy by now.
All I took out of this was, blah blah blah blah blah blah blah blah blah blah blah blah blah blah Australia is probably going to print more money soon blah blah blah blah blah blah !
Um...the U.S. almost defaulting a year or so ago because the lunatic fringe of the Republican party wanted to score some political points? Seriously guys. They were actually having a public debate about whether they felt like paying their bills or not. Wayne Swan is perfectly entitled to call them out for being stupid last time and warn them not to be stupid next time. As is everyone else.
US has defaulted ever since it promised to pay in gold and well... defaulted. Can kicking goodness instead of medicine is a really brilliant strategy and will certainly end peachy for all :| ||sarc|| Oh and it more about keeping the spending binge going then paying the bills... the bills were never intended to be paid [youtube]http://www.youtube.com/watch?v=VBE4ZQFxX_w[/youtube]
Um firstly I have to take issue with the thread title. Swan the moron that he is was having a shot at the Tea Party.... Who are far from being libertarians. Big A.D. As was pointed out to you last year when you made similar idiotic comments about the debt ceiling increase, there was never ever a situation where the US government needed to default on its debt. Even if they to this day had not raised the ceiling, only a conscious decision by the Preseident and or Congress could have made them default on its creditors...exactly the same as when Nixon did it in 1971. Had the debt ceiling remained the same at the start of the Obama administration until today, they would have had two is simple options: 1) default on its creditors or 2) Blanace the friggin budget. It's a sad indictment on our society when someone that is smart enough to use a computer is dumb enough to call people forcing a balanced budget a "lunatic fringe" let alone a crack pot treasurer with a vested interest in seeing such people discredited.
Well I guess we'll just have to see if they get their sovereign debt rating downgraded again when the next deadline comes up. You know, the rating that measures how likely creditors are to get their money back from the people they lent it to.
Depends if you want to see thing like automatic pay cuts kick in for nurses at veterans hospitals, social security cheques bouncing and China asking (politely) why they shouldn't dump all their now-worthless US Treasury bonds onto the open market and crash the U.S. economy.
I thought he was buttering me up for a statement implying that his "strong commitment" to the return to surplus is actually a bit wishy-washy and he'd dump it in a heartbeat if he thought he could.
Oh you mean from one of those really credible ratings agencies that continued to rate sub prime mortgage backed securities as AAA right up until they realised they were toilet paper? Or you mean the ratings agencies that continue to give a country a AA credit rating even though it hasn't paid back a cent it has borrowed in over 60 years? The next deadline will have absolutely nothing to do with the US governments credit worthiness and it's credit rating, nor did it last time. If the US government HAD the money to pay it's creditors this would be a non issue. But of course they need to borrow money to pay interest, what part of solvent does that tell you Big A.D.? Maybe the ratings agencies are trying to craw back some credibility after the sub prime debacle. The US will always be able to pay it's creditors, they'll just print it if they have to. Oh thats right Bernanke is doing EXACTLY that now because the US Government is insolvent!!!!! Maybe if the Tea Party had won, Obama would have balanced the budget like some lunatic fringe and the US debt would be falling. Falling total debt may mean, I don't know, more scarcity? Causing their bond roll over rates to fall naturally? Costing the tax payer less?
Well, yeah, that's basically it. The debt ceiling is completely made up. It doesn't really matter what it is, only that they continue playing by the rules they set for themselves. If they don't raise it, everything crashes. Hard. Things just stop functioning because there isn't any money to pay for them.
Wrong! If they dont raise it they cut spending. Maybe end a couple of wars early and stop killing people on the other side of the world. Maybe that will save a few trillion there.
