Is There Anything Under the Dome?
I am interrupting my recuperation to warn everyone not to spend your bottom dollar. If you depend on a Social Security check, VA pension, federal paychecks and even food stamps, you will probably experience a world of grief next month. The answer to the question of how can this happen is that there's nothing under the dome at the US Capitol except several hundred criminally stupid republicans. Rather than reach a compromise on taxes and closing tax loopholes, the Tea Party wing nuts are going to allow the United States of America to default on its obligations for the first time in our history. This brilliant move is supposed to ensure that Mr. Obama won't be reelected President. What a clever tactic: Hold all Americans hostage while collapsing our economy.
Save your money folks. If you've bought gold or other precious metals as I've recommended, you will get a good price for it in August. Be assured that the Treasury's number one priority will be to pay bondholders. Its no choice. The moment a holder of a US Treasury bond is unable to get paid is the moment we fall into an economic black hole. Compromise, even painful cuts to entitlements would be better than that situation as long as everyone shares the burden by agreeing to raise revenues.
Power to the Peeps!