LaffyBiden says debt deal ready to move to Congress, urges passage
HistoPol (#HP) 🏴 🇺🇸 🏴Time to celebrate, then:
https://youtu.be/7B9k4dc6o4c?t=45
Epic Sax Guy Comeback! [Ultra Sax Guy] [HD]
Epic Sax Guy Comeback! [Ultra Sax Guy] [HD]
atticus1956@HistoPol Don't celebrate until the biscuits are done & buttered!
@Atticus1956
Was waiting for such a comment, lol.
However, after a couple of #US bank failures shock the economy, there seem to have been some #Dino-#RINO's who had a sufficient education or imagination to realize what a national #default would entail.
Many or all should remember #Barbados (2018), #CostaRica, #Argentina (e.g. 1982, 1988-89, 2001), #Ecuador (2020), #Venezuela (2017) and the #LatinAmericanDebtCrisis (1980-86).
However, there are exceptions to this rule:
https://www.rawstory.com/repub…
Was waiting for such a comment, lol.
However, after a couple of #US bank failures shock the economy, there seem to have been some #Dino-#RINO's who had a sufficient education or imagination to realize what a national #default would entail.
Many or all should remember #Barbados (2018), #CostaRica, #Argentina (e.g. 1982, 1988-89, 2001), #Ecuador (2020), #Venezuela (2017) and the #LatinAmericanDebtCrisis (1980-86).
However, there are exceptions to this rule:
https://www.rawstory.com/repub…
Steven Bodzin@HistoPol @Atticus1956 what are you trying to say by comparing the US to those recent defaults? Even those defaults have little-nothing in common with one another. Barbados is doing great, while Venezuela remains in default with no negotiations after 6 years.
(1/2)
All I am saying is that if two small bank collapses (#SVB, #FirstRepublic, (1)) and a bigger one averted (#CreditSuisse (2)) on another continent can cause a ripple effect in the international banking system, the impact of a #SovereignDebt default by the world's leading economy would probably be comparable to the impact of a #meteor.(3)
Lawmakers don't...
(2/2)
...need an economics degree to have this impression and act accordingly, s/: if just to safeguard their familie' stock investments. /s
(1)
https://www.businessinsider.com/founders-new-banks-after-collapse-of-svb?op=1
@HistoPol @Atticus1956 That's one way to see it. It discounts the hell out of how important some politicians think it is to destroy the economy in order to take down Joe Biden, who they genuinely think is more dangerous than a recession.
@HistoPol @Atticus1956 Anyway, I don't think any of the countries you mentioned had an economic downturn caused by default. And those examples are especially irrelevant as most of them don't even have their own currency (Ecuador uses USD, Barbados is pegged, Venezuela was officially pegged with a large black market, and Costa RIca maintains a "band" (aka loose peg). The US, meanwhile has a global reserve currency backed by the most equipped military the world has ever known. No comparison.