That would make all federal programs at risk they couldn't borrow any more money because the world would refuse to buy our bonds. Ok I think I'm starting to understand it better. If you receive any assistance from the federal government doesn't matter which program if the fed has no more money because no more countries will buy our debt then every thing will stop. Banks, mass transit will all stop no more funding by Uncle Sam. Remember how the I.R.S. said they would be late on refunds this year? Damn it all make sense. Those states which are bankrupt like California at least according to the state's auditor, won't be able to get a bail out from the feds, can't borrow because the banks follow federal guidelines. All those people in California who retired will find their monthly check was never received from pensions to their banks accounts. Sorry, California has no money and can't borrow any and the fed is broke to.
Our country really is being turned into a third world country.
That's right. Also the insurance on each bank account is if the bank fails. Doesn't cover a dime when the United States Monetary system fails.
China is frustrated with what it sees as the US governmentís mismanagement of the Dollar, and is now actively promoting the cross-border use of its own currency, the Yuan, or also called the Renminbi, in trade and investment. If the United States continues its Trillion Dollar Deficits and does lose its reserve currency status what will a world without a reserve currency look like? That is what Economists, Think Tanks and Finance Ministers are grappling over today and...of course our like minds here on Topix, lol. But watch our village liberal race back on board and try to change the subject. JustaNut canít stand it when proof beyond any doubt her messiah is an absolute abysmal failure and absolute disgrace to the Nation, LMAO. If she does, lets just pretend she is not here, lol