I signed up for the Capital One credit card with Samuel L Specifically because if there was trouble I wanted Samuel L on my side. Jennifer Garner, pfttt…
Nihilism makes for exciting fantasy adventures but it doesn’t really work as a political philosophy. Republicans just want to run for re-election by saying they extracted a pound of flesh from Biden. That they’ll hurt their own constituents in the process is an acceptable trade for them.
Call me naive, but it seems like all the big GOP donors that are dependent on a well-functioning US economy (i.e., all of them) could pull these yahoos aside and say, "Listen assholes, if you ever want so much as a penny from us ever again you're going to cut this shit out right now"
OMG. A colleague put together a slide deck that outlined our "10 Tenants". I changed it to tenets, but it was too late. That side deck haunted me for 4 more years.
"People on Social Security would get stiffed; federal employees would stop getting paid; the post office, the Transportation Security Administration, US Customs, and the Federal Aviation Administration would stop functioning without some sort of emergency stop gap. Stocks would crash. Businesses would stop hiring. Republicans would presumably laugh maniacally."
Those would be the domestic consequences. They might even pale by comparison to the global consequences.
At least 7 out of every 10 US Dollars exist solely overseas, as the reserves of other nations, and in trade between non-US third-party nations. The stability of the value of the US Dollar is based on the stability and reliability of the US Treasury Bond, which would take a major hit were the US to default.
Zooming way out, it's clear that we're already in the process of the US Dollar's losing its global trade and reserves monopoly. There isn't another currency just waiting to take on that role, either. That can be OK; the world will keep existing. There have been other times in modern-ish history there hasn't been a single agreed-upon global reserve and trade currency. It's inconvenient.
But the geopolitical consequences globally, and especially for the US, would be cataclysmic. Were we to manage the transition, and slow it down over time, it wouldn't be so bad. A default, or even the credible threat of default, is not "managing the transition."
America can spend more on War than the next 10 biggest spenders on Earth because the rest of the world props up our currency. We can afford to undertax the rich because of that, too.
The rest of the world is already starting to edge away from the US Dollar, in reaction to US use of the Dollar as a geo-strategic weapon. Were we to speed that up with even a symbolic default, a lot more of those 7 out of every 10 Dollars would speed back home. Think inflation was bad last year? Hoo-boy. And we'd instantly lose the ability to deficit-spend, which would have even more massive consequences.
It really is a hostage situation, except one in which the hostage-taker is perfectly happy to die as long as everyone else does too.
Right between my eyes!
Mark Hamill, best Joker ever!
I signed up for the Capital One credit card with Samuel L Specifically because if there was trouble I wanted Samuel L on my side. Jennifer Garner, pfttt…
Yeah, but if you miss a payment...?
Some people just want to watch the world burn.
Nihilism makes for exciting fantasy adventures but it doesn’t really work as a political philosophy. Republicans just want to run for re-election by saying they extracted a pound of flesh from Biden. That they’ll hurt their own constituents in the process is an acceptable trade for them.
Call me naive, but it seems like all the big GOP donors that are dependent on a well-functioning US economy (i.e., all of them) could pull these yahoos aside and say, "Listen assholes, if you ever want so much as a penny from us ever again you're going to cut this shit out right now"
has there ever been any doubt that he would? the party of nihilism everybody.
Sorry. Awhile back I thought you said you really liked vintage Revere Ware. As you say, I’ll find it another home.
The kicker is that even if Biden agrees to the GOP loons' demands, it'll only be for a YEAR.
My secret hope is Biden invokes the 14th Amendment and tells them to F off.
"Look, Citibank, I can't support my credit card spending anymore, so I can't pay you anymore."
That should do it.
OMG. A colleague put together a slide deck that outlined our "10 Tenants". I changed it to tenets, but it was too late. That side deck haunted me for 4 more years.
1. The lady in 12C, who has a parrot.2. The fellow in 8B, who sings opera.3. The couple in 9A, who I hear are in show business.
I did say that and I do love Revere ware. But I'm not worthy.
And I really do have no idea what to do with a tea kettle. That would be wasted on me.
Thank you, though. I really do appreciate you thinking of me. :)
"People on Social Security would get stiffed; federal employees would stop getting paid; the post office, the Transportation Security Administration, US Customs, and the Federal Aviation Administration would stop functioning without some sort of emergency stop gap. Stocks would crash. Businesses would stop hiring. Republicans would presumably laugh maniacally."
Those would be the domestic consequences. They might even pale by comparison to the global consequences.
At least 7 out of every 10 US Dollars exist solely overseas, as the reserves of other nations, and in trade between non-US third-party nations. The stability of the value of the US Dollar is based on the stability and reliability of the US Treasury Bond, which would take a major hit were the US to default.
Zooming way out, it's clear that we're already in the process of the US Dollar's losing its global trade and reserves monopoly. There isn't another currency just waiting to take on that role, either. That can be OK; the world will keep existing. There have been other times in modern-ish history there hasn't been a single agreed-upon global reserve and trade currency. It's inconvenient.
But the geopolitical consequences globally, and especially for the US, would be cataclysmic. Were we to manage the transition, and slow it down over time, it wouldn't be so bad. A default, or even the credible threat of default, is not "managing the transition."
America can spend more on War than the next 10 biggest spenders on Earth because the rest of the world props up our currency. We can afford to undertax the rich because of that, too.
The rest of the world is already starting to edge away from the US Dollar, in reaction to US use of the Dollar as a geo-strategic weapon. Were we to speed that up with even a symbolic default, a lot more of those 7 out of every 10 Dollars would speed back home. Think inflation was bad last year? Hoo-boy. And we'd instantly lose the ability to deficit-spend, which would have even more massive consequences.
It really is a hostage situation, except one in which the hostage-taker is perfectly happy to die as long as everyone else does too.
That is supposedly the backstop. They'll weigh that against more tax cuts.
Yes, earlier, but as of 4:10 EDT they are back