Topic: US Reaches Debt Ceiling, China Bond Auctions Fail - page 2. (Read 4222 times)
So how about we reduce spending, eh? What a novel idea, that all the democrats and socialists of the country just don't seem to grasp.
Quote from: BitterTea
Where did you find this information?
Old news:
http://market-ticker.org/cgi-ticker/akcs-www?post=168743
http://money.usnews.com/money/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans
http://www.zerohedge.com/article/demand-congress-pass-keep-your-hands-my-401k-act-2010
http://www.thenewamerican.com/usnews/politics/3478-obama-administration-plans-to-seize-401k-retirement-accounts
Plans are in place to expand this to individual 401k's.
Where did you find this information? Maybe my girlfriend will stop nagging me to start contributing to a 401k and laughing when I say that bitcoin is my retirement plan.
http://www.zerohedge.com/article/treasury-confirms-debt-ceiling-be-breached-today-will-tap-pension-funds
http://www.zerohedge.com/article/two-chinese-bond-auctions-fail
So, it appears the US has finally, after a decade of profligate spending and three years of de-facto recession, reached it's limit and begun to raid the retirement funds of government workers in order to prolong the three-ring circus they call an economy. Plans are in place to expand this to individual 401k's.
All this as China appears to be showing the first overt signs of economic vulnerability.
Quote
It's official: the US credit card has officially been maxed out, just as we predicted on Wednesday, and throughout Q1 and Q2. The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said.
http://www.zerohedge.com/article/two-chinese-bond-auctions-fail
Quote
And while the US is no longer allowed to auction off debt, in China the PBoC appears to be no longer able to auction off debt.
So, it appears the US has finally, after a decade of profligate spending and three years of de-facto recession, reached it's limit and begun to raid the retirement funds of government workers in order to prolong the three-ring circus they call an economy. Plans are in place to expand this to individual 401k's.
All this as China appears to be showing the first overt signs of economic vulnerability.
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