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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> extropy-chat-bounces@lists.extropy.org [mailto:extropy-chat-bounces@lists.extropy.org] <b>On Behalf Of </b>spike<br><br></span><o:p></o:p></p><div><p class=MsoNormal style='margin-bottom:12.0pt'><br><span style='color:#1F497D'>>…</span><span style='color:#1F497D'>John everyone, even the Tea Party, agrees default is bad. The argument is really about who is doing it and why we keep hitting the debt limit with mind-numbing regularity, as well as how to stop hitting it it and what to do if the lenders stop lending, which is looking like a more distinct possibility very day.</span><span style='color:#1F497D'> s</span><span style='color:#1F497D'>pike</span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>I was wrong on an earlier prediction. I thought they would work until midnight tonight before announcing congress has reached a deal. They just announced they reached a deal today at noon, 12 hours ahead of where I predicted. So now I am more cautious but still confident on my next prediction: we will see a similar phony crisis again on or around 7 February, when we are again at the debt limit. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>It could be the Mr. Obama was correct when he said that raising the debt limit does not increase debt. In that case we never hit that debt limit again and the whole problem goes away. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>I jest of course.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>They will borrow it all, hit the new temporary funding limit on 15 January, have another phony partial shutdown (or slimdown as they are calling it) as we did a couple weeks ago, argue and thrash about right up until the debt limit on 7 February, then dish out another three or four months’ temporary funding with none of the underlying problems solved at all.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Not that Americans are growing cynical and skeptical of our own government or anything…<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>spike<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><o:p> </o:p></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p></div></div></div></body></html>