We The Sheeplez- The Coming Economic Collapse.."A Nation Of Sheep Ruled By Wolves" Thomas Jefferson

Sunday, July 24, 2011

Update...

The Official Statements Resume: Harry Reid Issues Lament On Republican Insistence For Short Term Hikes

Submitted by Tyler Durden on 07/24/2011 - 21:01 Debt Ceiling default President Obama Here is the first official statement of the night, this time from Nevada democrat Harry Reid (and with $41 million in career campaign contributions, well-paid we should add) who basically recaps the McConnell/Pelosi stance, and says that the Boehner position, which supposedly requires short-term debt ceiling hikes, is a "non-starter in the Senate and with the President.

Update: $1,623 And Rising..... The "Traditional" "Barbaric Relic" Hits An All Time High Of Over $1615

Submitted by Tyler Durden on 07/24/2011 - 18:24 default Reserve Currency

Here, let us explain to you how this works: you take some "tradition", you mix some central planning, you throw the imminent threat of default by the world's reserve currency and you end up with gold surging to $1615, well on its way to $10,000 and more. Any questions?

(ed note) The day will arrive... that you will not be able to buy Silver or Gold at any price with your Dollars...Read your history...

Boehner Weighs Balanced-Budget Amendment

U.S. House of Representatives Speaker John Boehner told fellow Republicans on Sunday that he is considering a balanced-budget amendment to the Constitution as part of a bill that would raise the debt ceiling, sources said.

In US Debt Row, Hints of Emerging-Economy Crises

Today's Politically Incorrect Laugh:
(Click to Enlarge)

Gold Reaches New Highs on Devolving Debt Ceiling Talks – $1,623

Author: goldnews | Filed under: Political News, Precious Metals News As the Asian markets opened gold shot up to a new all time of $1,623/oz, a more than $22 dollar jump, on reports out today that questioned the likelihood of a debt ceiling settlement before the August 2nd deadline.
The most recent debt talks between House Speaker John Boehner and President Obama has turned increasingly sour over the weekend. Boehner today said that he could not reach a ‘grand deal’ with Obama, given their fundamental differences, and noted there are no other progressive talks occurring. Timothy Geithner gave a different, more optimistic tone Sunday morning on CNN’s State of the Union with Candy Crowley, saying he had hopes both parties would reach a deal in time.
Geithner’s optimism is not being felt by markets as bets are increasing against the likely passing of a debt increase.
Where Boehner Draws the Line
*Boehner has stated that whatever legislation is passed the ‘spirit of Cut, Cap, and Balance’, a plan to cut and cap spending while requiring a move to a balanced budget amendment, must be preserved. The ‘Cut, Cap, and Balance’ legislation passed the house but was later rejected by the Senate, and likely would have been vetoed by President Obama in any case.
*The GOP House will not support any increase in taxes according to Boehner. The only compromise he has accepted is a growth in revenue by closing tax loop holes, amounting to $850 billion in additional income for the federal government. Boehner’s willingness to close tax loopholes, however, is contingent on the inclusion of broad tax cuts to corporations and individuals.
*Spending must be cut at least as much as the debt ceiling is raised, a key point Boehner has stood by since debt talks began. Boehner has proposed raising the debt ceiling $1 trillion dollars with the inclusion of at least $1 trillion in spending cuts, which would be the first stage in a two part approach. Obama countered requiring at least a $2.4 trillion rise in the debt ceiling, allowing for the debt ceiling deadline to move forward to approximately 2013.
Boehner’s conclusion: “If no bipartisan solution is available, I and my Republican colleagues are ready to move on our own.”

End of the Line

Behind the scenes, while Washington and the United States focus on the debt crisis, President Obama's EPA has been quietly implementing one of the most radical and costly policies of his administration.

Ever since the failure of cap-and-trade, the administration has turned to the EPA to carry out its radical environmental agenda. Immediately after the 2010 election Obama was quoted saying "Cap-and-trade was just one way of skinning the cat; it was not the only way." The EPA is in the process of completing and finalizing 30 major regulations and 170 major policy rules that would impose hundreds of billions of dollars of compliance costs on the economy, killing jobs and threatening the economic recovery.

Because of the disastrous affects that the EPA's new regulations will have on the already struggling economy, many have taken to calling the administration's aggressive stance the "EPA train wreck."
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