Mutually – Assured – Destruction
It is a nuclear strategy adopted in the Cold War that simply stated says, if you try to kill me, I will take you down with me.
The Criminal Geithner today declared that REPUBLICANS are to blame if there is a “default” because the Congress did not raise the debt ceiling.
Contrary to what the Criminal says, there are actually two ways a country can default on its debts.
One way is for them to stop borrowing, declare a bankruptcy, sell off assets, and reduce spending to what they can collect in tax revenue. – That is what would happen if the government actually went through with a proper default on its debts.
The other way is for the government to simply print the money to pay off its debts.
Guess which one the Criminal class is in favor of doing?
Treasury Secretary Timothy Geithner on Thursday told Republican lawmakers that they would shoulder the blame if the country got too close to defaulting on its debt and roiled markets worldwide by not approving a debt limit increase.
In yet another warning about the perils of not allowing the U.S. to borrow more to fund spending already approved by Congress, Geithner said it would be deeply irresponsible for lawmakers to use debt limit negotiations for political gains.
Congress must agree to raise the $14.3 trillion debt ceiling or the legal amount that the country can borrow. But Republicans have said they are unwilling to do so without reforms on government spending and have threatened to take negotiations to the deadline.
“(Lawmakers) will say there’s leverage in it, we can advance it. But that would be deeply irresponsible and they will own the risk,” Geithner said.
It is “deeply irresponsible” not to borrow and print until the dollar implodes.