Biden Signed the Debt Ceiling Bill, Marking the End to Tense Negotiations that Brought the Country to the Brink of Default

[Ghoti Ichthus]

Biden signed the debt ceiling bill, marking the end to tense negotiations that brought the country to the brink of default​

Associated Press
Jun 3, 2023, 2:57 PM GMT-5
"With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.

It was a decidedly low-key denouement to a monthslong drama that unnerved financial markets at home and abroad and caused anxious retirees and social service organizations to make contingency plans in case the country was unable to pay all its bills.

Instead of holding a public ceremony with lawmakers from both parties — showcasing the bipartisanship that Biden had cited in an Oval Office address on Friday evening — the president signed the legislation in private in a reflection of the tight deadline facing the nation's leaders.

The Treasury Department had warned that the country would start running short of cash on Monday, which would have sent shockwaves through the U.S. and global economies."

More
https://www.businessinsider.com/bid...danger-by-signing-bipartisan-bill-2023-6?op=1


Well, they kicked the can down the road


Dear God, please help our elected and appointed leaders use the time wisely and efficiently to fix what's horribly broken.

 

[GotGrace]

Biden signed the debt ceiling bill, marking the end to tense negotiations that brought the country to the brink of default​

Associated Press
Jun 3, 2023, 2:57 PM GMT-5
"With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.

It was a decidedly low-key denouement to a monthslong drama that unnerved financial markets at home and abroad and caused anxious retirees and social service organizations to make contingency plans in case the country was unable to pay all its bills.

Instead of holding a public ceremony with lawmakers from both parties — showcasing the bipartisanship that Biden had cited in an Oval Office address on Friday evening — the president signed the legislation in private in a reflection of the tight deadline facing the nation's leaders.

The Treasury Department had warned that the country would start running short of cash on Monday, which would have sent shockwaves through the U.S. and global economies."

More
https://www.businessinsider.com/bid...danger-by-signing-bipartisan-bill-2023-6?op=1


Well, they kicked the can down the road


Dear God, please help our elected and appointed leaders use the time wisely and efficiently to fix what's horribly broken.

He will have to go to Delaware a day earlier and rest after that heavy lifting of signing. Sorry to be so sarcastic. I still can’t believe we are adding trillions to get one and a half trillion reduction.

 

[Andy C]

He will have to go to Delaware a day earlier and rest after that heavy lifting of signing. Sorry to be so sarcastic. I still can’t believe we are adding trillions to get one and a half trillion reduction.

Wash DC math - numbers dont have to add correctly, just sound good to Joe public.

 

[Carl]

That was something else that LBJ did. Rather than raise taxes for needed government money he just had it printed up. Now they don't even have to print it. Just recorded it in the national debt computer and transfer the bytes to where the money is owed. It has worked well since Nixon took us off the gold standard.
Question? If we are no longer on the gold standard why do we need all that gold setting around?

 

[athenasius]

That was something else that LBJ did. Rather than raise taxes for needed government money he just had it printed up. Now they don't even have to print it. Just recorded it in the national debt computer and transfer the bytes to where the money is owed. It has worked well since Nixon took us off the gold standard.
Question? If we are no longer on the gold standard why do we need all that gold setting around?

The gold that backed your US dollar became Oil, at that time -- Nixon took you off gold in '71, and onto oil in '73 when the dollar was dropping like a stone and that's great as long as most of the world trades oil in petrodollars. But when they stop (like what's happening now with Iran, Russia, North Korea, China, India and others) then the oil backed dollar becomes a shaky currency without a value internationally pegged to a commodity such as oil (or gold).

Scary times ahead when the Restrainer allows things to go the way it should. Right now God is keeping the financial implosion from destroying world currencies in one big meltdown in spite of Klaus Schwab and the World Economic Forums best efforts.

Here's a summary from https://www.tonyrobbins.com/wealth-lifestyle/what-is-the-petrodollar/

"History of the petrodollar system​

The term “gold standard” didn’t come out of thin air. The global economy used to run on a system in which each country’s currency was linked to the value of gold. There was a fixed price for gold at which each country bought and sold that commodity. The gold standard was abandoned in 1971 when the Nixon administration ended the practice – and the value of the US dollar went into freefall as inflation soared.


In 1973, the petrodollar system was created through a deal between the US and Saudi Arabia. The countries agreed to price and trade oil in US dollars. With oil standardized in terms of dollars, any country that purchased oil from Saudi Arabia would have to use dollars. This led many other oil-producing countries to also standardize oil prices in US dollars – and the petrodollar system was born. "

 

[Carl]

And the price of oil was based on a pure crude, I think from Iran. Henry Kissinger Spent lots of time working the deal out. I think the Saudi's had to deposit a bunch of their money in a York bank.

 

[GotGrace]

Right now God is keeping the financial implosion from destroying world currencies in one big meltdown in spite of Klaus Schwab and the World Economic Forums best efforts.

Our amazing God is so merciful.

I can’t imagine how awful it will be once He takes us out of here.

 

[athenasius]

Our amazing God is so merciful.

I can’t imagine how awful it will be once He takes us out of here.

I think it'll be like when Moses parted the Red Sea, and the Israelites walked thru with these giant walls of water rising up on either side of them.

God held the waters back.

Till the last Israelite crossed over.

And Pharoah and his army got cocky and decided to take advantage of the dry land opening up before them.

Till God quit holding the water back.

I think of that when I think of the Restrainer stopping restraining evil.

 

[Jaybird]

I think it'll be like when Moses parted the Red Sea, and the Israelites walked thru with these giant walls of water rising up on either side of them.

God held the waters back.

Till the last Israelite crossed over.

And Pharoah and his army got cocky and decided to take advantage of the dry land opening up before them.

Till God quit holding the water back.

I think of that when I think of the Restrainer stopping restraining evil.

Excellent analogy! There is no doubt that the Restrainer is working hard as we speak. Just imagine how bad it will be once his restraining power is removed from the earth. Praise God we will be out of here when that time arises!