[ExI] Warren Buffett is worried too and thinks Republicans are "asinine"

Mirco Romanato painlord2k at libero.it
Fri Oct 25 16:11:05 UTC 2013

Il 25/10/2013 16:36, John Clark ha scritto:

> Although it will come as a big surprise to the Tea Party the fact is
> that there are other things in the world than Obamacare, and the pronoun
> “it” that I used above does NOT refer to Obamacare, “it" refers to all
> the bills for all the stuff that you already voted to buy that would be
> declared overdue in just 90 minutes.

The question is:

It is this debt (or part of it) odious?
Was it done with the only and clear goal to help the People of the US?


Was it done with the only and clear goal to enrich the politicks and
their cronies?

The US government already defaulted when Nixon (not his fault) closed
the gold window. So, no, the US government is used to default on his
obligation. It defaulted when it devalued the Fed Note against gold
under FDR.

By the way, defaulting is not the end of the world, just the end of
cheap credit. Because if you default, there are two parties in the
wrong: you for not paying your dues and they for trusting you.
it is also a moral responsibility to give loan only to people able to
repay them in full in the predetermined time.

But, are the US (or any government in this world) able to pay their
debts in full without receiving additional loans? I do not suppose so.
Not the US, not Germany, not Italy.

As spike suggested, better to default now on 10% of the debts than
default in three months on 30% or the next year for 100% of the debt.
It is better for the US and it is better for the creditors.
Creditors are reasonable and rationale actors if the debtor is
reasonable and rationale.

The reality of the fact is the Federal Reserve own 30% of the Federal
debt. If China and Japan stop buying Treasury Bills and start selling
them, the Fed will become the owner of the 60% of the debt of the
Federal Government. And to do so, they would need to print a  lot of US
currency. And China and Japan would buy anything and probably everything
not nailed down in the US and would bring it home.
They would buy factories, farmland, timberland, milk, bread, copper,
gold, silver, whatever (even good looking women).

> Spike, I never said what the Republicans were doing was
> unconstitutional, I said it was astoundingly stupid and irresponsible.

As much as implementing a mandate that do not work, can not work and
will not work?
The system is designed to fail (because the insurers will be forced to
default (the people signing early and willingly is the heavy users, the
people signing later and preferring to pay the penalty will be the
healthy) or the insured will be unable to pay the REAL prices of the
insurance (because there are a lot of loopholes to raise the payment).

Could you explain me why males must have maternity coverage under Obamacare?
Will they be able to become pregnant if the sign Obamacare?
And they will need a female to impregnate them?

> As for me I no longer much care if Obamacare is a good
> idea or bad because the significance of the entire issue is dwarfed by
> the looming menace of default and the slack jawed stupidity that almost
> caused that to happen and still might in January.    

Default is not a menace, it is a certain.
The US will default because it will not pay the T-bill or because it
will pay them with worthless pieces of paper.


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