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Can the Debt Ceiling Keep getting bigger; When will it stop?
Topic Started: 11 Oct 2013, 10:19 PM (4,057 Views)
mango66
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The debt ceiling was raised as part of the Budget Control Act of 2011, a bill signed by President Obama in August of that year, just hours before a government default. The last-minute legislative compromise set forth a process by which Treasury's borrowing capacity was increased by a total of $2.1 trillion in three increments: by $400 billion in August, $500 billion in September, and $1.2 trillion in January 2012.

The federal government hit its debt limit again in December 2012, whereupon Treasury was forced to take emergency measures to extend borrowing for several weeks. In February, President Obama signed the No Budget, No Pay Act of 2013, a bill that suspended enforcement of the debt ceiling until late May. On May 19, the federal borrowing limit came back into force and was raised $305 billion to $16.699 trillion. :lol




List of sovereign debt defaults or debt restructuring

Main article: List of sovereign defaults
The following list includes actual sovereign defaults and debt restructuring of independent countries from 1800 till 2012:[16]
Africa
Algeria (1991)
Angola (1976,[17] 1985, 1992-2002[17])
Cameroon (2004)[17]
Central African Republic (1981, 1983)
Congo (Kinshasa) (1979)[17]
Côte d'Ivoire (1983, 2000, 2011)
Gabon (1999–2005)[17]
Ghana (1979, 1982)[17]
Liberia (1989–2006)[17]
Madagascar (2002)[17]
Mozambique (1980)[17]
Rwanda (1995)[17]
Sierra Leone (1997–1998)[17]
Sudan (1991)[17]
Tunisia (1867)
Egypt (1876, 1984)
Kenya (1994, 2000)
Morocco (1983, 1994, 2000)
Nigeria (1982, 1986, 1992, 2001, 2004)
South Africa (1985, 1989, 1993)
Zambia (1983)
Zimbabwe (1965, 2000, 2006[17] (see Hyperinflation in Zimbabwe)
Americas
Antigua and Barbuda (1998–2005)[17]
Argentina (1827, 1890, 1951, 1956, 1982, 1989, 2002-2005[17] (see Argentine debt restructuring))
Bolivia (1875, 1927,[17] 1931, 1980, 1986, 1989)
Brazil (1898, 1902, 1914, 1931, 1937, 1961, 1964, 1983, 1986–1987,[17] 1990[17])
Canada (Alberta) (1935)[17]
Chile (1826, 1880, 1931, 1961, 1963, 1966, 1972, 1974, 1983)
Colombia (1826, 1850, 1873, 1880, 1900, 1932, 1935)
Costa Rica (1828, 1874, 1895, 1901, 1932, 1962, 1981, 1983, 1984)
Dominica (2003–2005)[17]
Dominican Republic (1872, 1892, 1897, 1899, 1931, 1975-2001[17] (see Latin American debt crisis), 2005)
Ecuador (1826, 1868, 1894, 1906, 1909, 1914, 1929, 1982, 1984, 2000, 2008)
El Salvador (1828, 1876, 1894, 1899, 1921, 1932, 1938, 1981-1996[17])
Grenada (2004–2005)[17]
Guatemala (1933, 1986, 1989)
Guyana (1982)
Honduras (1828, 1873, 1981)
Jamaica (1978)
Mexico (1827, 1833, 1844, 1850,[17] 1866, 1898, 1914, 1928-1930s, 1982)
Nicaragua (1828, 1894, 1911, 1915, 1932, 1979)
Panama (1932, 1983, 1983, 1987, 1988-1989[17])
Paraguay (1874, 1892, 1920, 1932, 1986, 2003)
Peru (1826, 1850,[17] 1876, 1931, 1969, 1976, 1978, 1980, 1984)
Surinam (2001–2002)[17]
Trinidad and Tobago (1989)
United States (1779 (devaluation of Continental Dollar), 1790, 1798 (see The Quasi-war), 1862,[18] 1933 (see Executive Order :lol 6102),[17] 1971 (Nixon Shock)
9 states (1841–1842)[17]
10 states and many local governments (1873-83 or 1884)[17]
Orange County, California (1994) [19]
Uruguay (1876, 1891, 1915, 1933, 1937,[17] 1983, 1987, 1990)
Venezuela (1826, 1848, 1860, 1865, 1892, 1898, 1982, 1990, 1995–1997,[17] 1998,[17] 2004)
Asia
China (1921, 1932,[17] 1939)
Japan (1942, 1946-1952[17])
India (1958, 1969[citation needed], 1972)
Indonesia (1966)
Iran (1992)
Iraq (1990)
Jordan (1989)
Kuwait (1990–1991)[17]
Myanmar (1984,[17] 1987,[17] 2002)
Mongolia (1997–2000)[17]
The Philippines (1983)
Solomon Islands (1995–2004)[17]
Sri Lanka (1980, 1982, 1996[17])
Vietnam (1975)[17]
Europe
Albania (1990)
Austria-Hungary (1796, 1802, 1805, 1811, 1816, 1868)
Austria (1938, 1940, 1945[17])
Bulgaria (1932[citation needed], 1990)
Croatia (1993–1996)[17]
Denmark (1813)[17] (see Danish state bankruptcy of 1813)
France (1812)
Germany (1932, 1939, 1948[17])
Hesse (1814)
Prussia (1807, 1813)
Schleswig-Holstein (1850)
Westphalia (1812)
Greece (external debt: 1826-1842, 1843-1859, 1860-1878, 1894-1897, 1932-1964, 2010-present;[20][21][22] domestic debt: 1932-1951[20])
Hungary (1932, 1941)
The Netherlands (1814)
Poland (1936, 1940, 1981)
Portugal (1828, 1837, 1841, 1845, 1852, 1890)
Romania (1933)
Russia (1839, 1885, 1918, 1947,[17] 1957,[17] 1991, 1998)
Spain (1809, 1820, 1831, 1834, 1851, 1867, 1872, 1882, 1936-1939[17])
Sweden (1812)
Turkey (1876, 1915, 1931, 1940, 1978, 1982)
Ukraine (1998–2000)[17]
United Kingdom (1822, 1834, 1888–89, 1932)[17]
Yugoslavia (1983)




Any guesses when the yanks default next?
Sooner than later i think.



Edited by mango66, 12 Oct 2013, 08:44 PM.
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mel
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all the trillions are just numbers. Provided nations with military power are still building roads and shit there will be no problem.

seriously, whats the practical difference between a huge number and an obscenely huge number? :lol
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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Pig Iron
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Bogan scum

they can keep loaning themselves money forever. most of their debt is held by the government. all it does is weaken their dollar against other currency, which frankly is a good thing for many of their industries.
I am the love child of Tony Abbott and Pauline Hanson
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Perthite
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mel
11 Oct 2013, 10:43 PM
all the trillions are just numbers. Provided nations with military power are still building roads and shit there will be no problem.

seriously, whats the practical difference between a huge number and an obscenely huge number? :lol
You make a point but politically it seems to be becoming less palatable as time goes on.
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doubleview
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mel
11 Oct 2013, 10:43 PM
all the trillions are just numbers. Provided nations with military power are still building roads and shit there will be no problem.

seriously, whats the practical difference between a huge number and an obscenely huge number? :lol
Fuck me mel!This is the bail out attitude that has been bred in to most of us !!

This attitude is what will under false pretenses make young mums hand over their children to the wolves !!

For a laugh !! people ask why are the US in this mess the tube says a thousand words!!!

My fav is the last one, fuckin funny shit



Nuff said!

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mel
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Perthite
11 Oct 2013, 10:48 PM
politically it seems to be becoming less palatable as time goes on.
ive long felt they already know what they're going to do but aren't letting on. The recent activity is a circus but it's nothing we haven't seen before.. then again maybe they're just pretending to give a shit to save face - who knows :lol
Edited by mel, 12 Oct 2013, 12:44 AM.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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Pig Iron
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Bogan scum

doubleview
11 Oct 2013, 10:51 PM
Fuck me mel!This is the bail out attitude that has been bred in to most of us !!

let me put it in terms a slow fellow like you might understand.

money is just a number, the US government control that number. they can keep raising it essentially forever at almost no real cost to themselves. it's everyone ELSE who gets screwed, how much consideration do you think they give to this?
I am the love child of Tony Abbott and Pauline Hanson
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mel
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doubleview
11 Oct 2013, 10:51 PM
Fuck me mel!This is the bail out attitude that has been bred in to most of us !!

This attitude is what will under false pretenses make young mums hand over their children to the wolves !!
it's just an observation, i don't necessarily agree with it but it's been 'working' so far - especially when we consider the world was supposed to implode 5 years ago. that clip's brilliant.. did anyone ever believe he was really running the show? lol
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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doubleview
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Pig Iron
11 Oct 2013, 10:56 PM
let me put it in terms a slow fellow like you might understand.

money is just a number, the US government control that number. they can keep raising it essentially forever at almost no real cost to themselves. it's everyone ELSE who gets screwed, how much consideration do you think they give to this?
Thanks for clarifying my point!
mel
11 Oct 2013, 11:00 PM
it's just an observation, i don't necessarily agree with it but it's been 'working' so far - especially when we consider the world was supposed to implode 5 years ago. that clip's brilliant.. did anyone ever believe he was really running the show? lol
Fair enough!

Funny shit indeed, there's an olsayin in Tennessee ! fool me fool me again,shame on yo!
Edited by doubleview, 11 Oct 2013, 11:05 PM.
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mango66
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5 trillion in 2000 .....thirteen years later nearly 17 trillion. Thats a trillion a year. How can you call it a number. If it gets too big and cant be repaid theres going to be huge shockwaves in the fallout.
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