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If the GOP really blocks raising the debt ceiling, doesn't all that "full faith and credit" of ...

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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-13-11 12:17 PM
Original message
If the GOP really blocks raising the debt ceiling, doesn't all that "full faith and credit" of ...
...the United States go right out the fucking window?

Without gold to back up our money, it's all on trust. If we break the trust with our creditors we're fucked.

If the GOP does not vote to increase the debt ceiling, and President Obama does not blink, then won't this be worse for the financial outlook of America as a country than September 11th?

I admit I might not be understanding this correctly- Is it as big a deal as it seems?

PB
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W_HAMILTON Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-13-11 12:44 PM
Response to Original message
1. Yes.
That's the reason many are up so worked up over the issue.
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-13-11 01:03 PM
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2. For the first time ever.
Gold has nothing to do with it -- the trust is based on the history of never defaulting.
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sinkingfeeling Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-13-11 01:09 PM
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3. Yes, as does the entire world economy. What a way to win friends!
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