Default Is Off the Table – It Was Never On the Table

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A lie told often enough becomes the truth. ~ Vladimir Ilyich Lenin

President Obama has been privately telling banks not to worry about default. It has never been on the table, according to Charles Gasparino, financial journalist and NY Times best selling author.

President Obama said that he will disclose a list of spending priorities before August 2nd if the spending limit is not raised (in other words, if we can’t borrow from foreigners again or print fake money). Both the President and the Treasury have denied they could prioritize, but they’ve changed their minds. What a dang surprise (I’m kidding).

Obama has used a loosey goosey definition of default and used it to refer to missed payments, which is not default as long as we continue paying interest on the debt. It is a government shutdown. If you’ll notice, the President followed up his claims that we will default with the words, “we pay our bills.” Paying bills and defaulting are not the same thing and were a deliberate effort to deceive.

 

 

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