The U.S. Treasury has warned that the $16.7 trillion debt ceiling must be raised by Oct. 17th, to avoid a U.S. debt default. This warning has caused concerns amongst investors and citizens alike as most are unsure of their futures in this once great nation.
Based on a study of a previous debt ceiling impasse in 2011, the results won’t be good if figureheads in Washington can’t find a solution. WashingtonPost.com reported, “Failing to do so, Treasury warned, would have catastrophic consequences.
“A default would be unprecedented and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the negative spillover could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse,” the report said.”[1]
Some are wondering why this was all allowed to happen in the first place. Why would a corporation, the Corporation of the United States (i.e. D.C.), intentionally run itself into the ground, what’s the point?
Obviously this was not done by the corporation itself or one single person, but rather the greedy men and women in charge of it. Their hands are deep into the honey pot as they have used the funds for years to fund their private corporations, awarding themselves no-bid contracts and so on.
So how might this all affect us now?
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