Bank of America CEO preparing for US to default on its debt

submitted by BISH from thehill.com

all 17 comments
sorted by:
top
newinsightfulfun

[–]Questionable 4 insightful - 5 fun4 insightful - 4 fun5 insightful - 5 fun -  (0 children)

I watched the headlines video on that page. With the sound on. I think I have AIDS now.

[–]UncleWillard56 2 insightful - 3 fun2 insightful - 2 fun3 insightful - 3 fun -  (3 children)

STFU, you'll get your goddamn money. Bigger fish to fry.

[–]BISH[S] 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (2 children)

STFU, you'll get your goddamn money.

I wouldn't be so certain.

Customers report missing money from accounts; Bank of America intervenes

A probable bellwether event. IMHO.

Bigger fish to fry.

"Bigger fish" than the international banks? The saying goes that "All wars are banker wars".

How can it get bigger than that? The only option for peace is to reign in the power of the banks.

I intend to never put my money in a bank again.

Cash whenever possible. Local credit union when necessary.

[–]UncleWillard56 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (1 child)

I meant specifically BOA. The "bigger fish" is the debt ceiling. That conversation has to happen before BOA starts whining. What will BOA do? Send it to a collection agency? Good luck.

[–]BISH[S] 2 insightful - 3 fun2 insightful - 2 fun3 insightful - 3 fun -  (0 children)

The large banking institutions control the country. Also, he banks are broke, and have serious liquidity problems. Too many liabilities.

They have better Intel than we do, so I'm hoping this isn't a foreshadowing event.

I heard George Gammon predict that the CBDC endgame may be a situation where the Federal Reserve accepts all of the banks liabilities, because the Fed cannot go bankrupt, and the banks will continue with business as usual with their profitable non-consumer activities.

In this prediction, the Fed could control and survey all of the publics transactions, with the possibility of separate banks acting as pass through organizations.

This would satisfy practically all of the banksters goals, and minimize dissent within the banksters mafia.

A frightening possibility.

[–]SoCo 2 insightful - 3 fun2 insightful - 2 fun3 insightful - 3 fun -  (0 children)

If history serves right, Bank of America plans to charge the US $30 per day in fees, until their account is brought to good standing. They may also re-order the processing of transactions to maximize fees.

Bank of America, the reason I stopped using banks for 10 years strait, until the crypto alternative came around.

[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Feb 15th

[–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

It is in the fucking constitution the USA cannot default on its debt and we have funding tricks to pay our bills through september don't fall for clickbait propaganda

[–]BISH[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

It's not in the constitution that applies to 14th amendment federal citizens (slaves) https://constitution.congress.gov/constitution/amendment-14/

14th amendment:
Section 4

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

The debt is owed to the Federal Reserve, and the US Treasury bond holders.

The debt is owed by the 14th amendment citizen slaves.

The Fed doesn't print money. It issues debt, and sells Treasury bonds.

When the bond holders lose faith in the ability to pay, then they can sell them and collapse the dollar.

[–]iamonlyoneman 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (2 children)

https://www.cnsnews.com/news/article/us-cannot-constitutionally-default-its-debt-says-constitutional-scholar

Losing faith in the dollar is a different matter. It's based on nothing but faith. It could collapse after one good bank run, it doesn't need scary headlines about something most of a year away that's never going to happen when the time gets here.

ETA: inflation is the thing to worry about with the 'debt ceiling', and the congress gives zero hecks about your purchasing power! https://finance.yahoo.com/news/warren-buffett-explains-the-simple-reason-why-the-us-will-never-default-on-its-debt-185105213.html

I give very little credit to the congress but even these people aren't so stupid they'd pay for national parks services and crash the world's econommy instead of skipping stupid shit like NPS salaries and paying the interest on our credit cards.

[–]BISH[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

It's not about the arbitrary debt ceiling.

It's about the credit confidence of the Treasury bond owners. The signals that are sent by the "borrowers" in Congress.

The demolition of the dollar has been planned for decades.

these people aren't so stupid they'd pay for national parks services and crash the world's economy

They will definitely crash the world economy in most areas.

But... they want to have the replacement CBDC infrastructure in place before they do.

They'll destroy it for the next stage of their global takeover plan.

[–]Dragonerne 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Will stocks be impacted? If you own a share of a company, the valuation shouldn't change, should it? You still own that share no matter the currency?

[–]ActuallyNot 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

The MO of republican controlled house is to leverage brinkmanship to kill off the capacity of the President and Senate to implement policy.

It got close a couple of times under Obama, but the current house rules have this in much starker focus.

It'd certainly be funny to see the US default, and collapse the way Argentina did in 2001. But it would be a large shift in global geopolitics.

[–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

Just republicans, huh?

[–]ActuallyNot 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

In this case, yes, just Republicans.

When the democrats held the house against Trump, the rules were that a lift in the debt ceiling was automatically implied if the house voted for a budget that required it.

The current GOP rules are quite the opposite.

[–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

The rules are nonsense and can be changed at-will. Don't look at how the sausage is made, they'll turn out a fresh batch before long.

[–]ActuallyNot 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

The rules are nonsense

Yep. Designed to create brinksmanship, and to cripple the president's ability to implement policy.

and can be changed at-will.

Really. When was the last time the house rules were changed within a session of congress?