Republicans have a plan — to hold America hostage over the debt ceiling yet again

GOP readies another round of legislative terrorism in search of spending cuts. Biden needs to fight back hard

Sometime during the next session of Congress, Republicans will check the box on one of their perennial agenda items whenever a Democrat is president: Threatening to crash the entire U.S. economy if the president doesn't submit to their demand to slash the safety net of senior citizens.

Leading up to the midterm elections, Sen. Rick Scott of Florida, the chairman of the National Republican Senatorial Committee, did a lot of thinking out loud about entitlement "reform" (meaning cuts to Social Security and Medicare) that Republicans might undertake should the expected red wave bring them into the majority. Around the same time, House Minority Leader Kevin McCarthy began talking about the spending cuts a putative House majority would force by using the extension of the statutory debt limit as a bargaining chip, although he refused to be precise as to which programs would be slashed.

The red wave, of course, never reached the shore: Democrats retained the Senate, while McCarthy is presumed to become the speaker of a slim and nearly unmanageable Republican House majority. But Satan never sleeps, and neither do Republicans. Even though their political position is considerably weaker than they had hoped, they have pressed on with their policy intentions. Sen. John Thune of South Dakota, a member of Senate Republican leadership, has explicitly linked social program cuts to an extension of the debt ceiling. He downplayed the risk of default, even though there is no point in linking the two issues unless the Republicans plausibly threaten to trigger such a credit crisis. To do otherwise would be like holding a rubber knife to a hostage's throat.

www.salon.com... Ik71T9gjYGCaUwSO465sX6kmtY

Not one of the greatest sources...I'll find some more on it maybe and link those too!

Looks like there is never a shortage of battles between the parties...this is no exception...democrats blaming republicans and so goes the story!

This was a pretty good read though and worth a minute to check out, so I brought it here (as usual)!

It is issuance of the world reserve currency that has allowed the United States to run very large budget, merchandise trade and current account deficits for decades. Why? Because the dollars that flow abroad as a result of those deficits are needed by other countries to purchase commodities like oil and conduct other kinds of bilateral trade. Nations with large dollar surpluses don't sit on them; they recycle them as investments in the United States. That is why New York has the deepest and most liquid financial markets in the world. These deep and liquid markets in turn encourage many foreign central banks to hold their assets in New York as well.

Adversarial states like China and Russia have been attempting for years to dethrone the U.S. as issuer of the world reserve currency, so far with meager success. It is the very fact that most international financial settlements are cleared in dollars, just as the SWIFT international transaction network is dominated by the U.S., that makes Washington's economic sanctions against various regimes as effective as they are.

In the story, there is some links to this piece, which I found particularly interesting and I'm still reading a bit on it as I post this to ATS! Anytime I see discussion of the world financial market and the power of the dollar as the worlds reserve currency...it makes me take a second look!

I'll be back with some more and to edit and add I'm sure...but for now...happy reading!

China and Russia step up bid to challenge U.S. dollar's dominance

TOKYO -- Efforts by China and Russia to chip away at the U.S. dollar's dominance in global payments have gained urgency with the Ukraine war and tensions over Taiwan.

Russian President Vladimir Putin in June touted plans to create a new international reserve currency based on a basket of currencies of BRICS members Brazil, Russia, India, China, and South Africa.

Creating an alternative to the dollar-based global payments system would allow Moscow and Beijing to evade economic sanctions -- a financial weapon whose powers and limits have become clear in Western nations' response to the Russian invasion of Ukraine.

The proposal, which Putin said was "under review," seems to envision a BRICS version of the International Monetary Fund's special drawing rights -- a reserve asset that IMF members can tap during a cash crunch.

The value of SDRs is pegged to a basket of five currencies: the U.S. dollar, the euro, the Chinese yuan, the British pound and the Japanese yen.

As a result of international sanctions following the attack on Ukraine, Russia has seen many of its banks excluded from the SWIFT global payments messaging system and lost access to its central bank's assets parked overseas. For Russia, a BRICS-based reserve currency would provide a new tool for expanding transactions in currencies other than the U.S. dollar.

This is interesting for sure as we dive into sanctions imposed by the U.S. and especially those that have occurred recently in the wake of the Ukrainian and Russian conflict (invasion)! To think with all these billions of dollars floating around...somebody is feeling it!

LINK

Strengthened China-Saudi ties raise prospects for use of yuan in oil settlement

A discussion of shift to use Chinese yuan in China-Saudi oil settlement is increasingly rising recently amid an ongoing visit of Chinese President Xi Jinping to the country - the trip marks epoch-making milestone in China-Arab relations and also raises hopes for more deepened energy ties for years to come.

The shift is deemed as necessary by observers from both countries in light of the "increasing weaponization of the dollar dominated financial system," they said, hoping the move to inject certainty to bilateral trade and dent the US dollar's hegemony of the global petroleum market.

More frequent use of each other's currency is also highlighted in the agenda of the Chinese government. In a report titled "China-Arab Cooperation in the New Era," which the Chinese Foreign Ministry released on December 3, China said it will strengthen monetary cooperation with central banks of Arab countries, and discuss expanding cross-border local currency settlement and swap arrangements.

The report also highlighted a "mutually beneficial and friendly long-term China-Arab strategic energy partnership," vowing to jointly build a China-Arab energy cooperation pattern featuring oil and gas, nuclear energy, as well as clean energy.

LINK

You do know that Russia does not have SWIFT transfers of the dollars.

originally posted by: musicismagic
You do know that Russia does not have SWIFT transfers of the dollars.

Right...they do not!!!

LINK

Someone wants to stop Biden's way way out of control spending and looting of the treasury? Thought I would never again see that happen.

a reply to: jerryznv

Tell me something I don't know.

originally posted by: FyreByrd
a reply to: jerryznv

Tell me something I don't know.

That sounds like an impossible task!

What I've done is provide others information about what you already know! Surely you're agreeable to others knowing a little bit about everything you already know!

originally posted by: jerryznv

originally posted by: musicismagic
You do know that Russia does not have SWIFT transfers of the dollars.

Right...they do not!!!

LINK

Also you should really look into PJSC Sberbank.
Follow the money man.

originally posted by: Allaroundyou

originally posted by: jerryznv

originally posted by: musicismagic
You do know that Russia does not have SWIFT transfers of the dollars.

Right...they do not!!!

LINK

Also you should really look into PJSC Sberbank.
Follow the money man.

US, EU, Switzerland, and Ukraine sanctions: 2014-2017
After the annexation of the Crimean Peninsula by Russia in 2014, the Obama administration imposed targeted sanctions on 12 September 2014, through the US Department of Treasury's Office of Foreign Assets Control (OFAC) by adding Sberbank and other entities to the Sectoral Sanctions Identifications (SSI)

Not good at all these days to stash your money anywhere other under neath your house in a cellar.

originally posted by: Allaroundyou

originally posted by: musicismagic
You do know that Russia does not have SWIFT transfers of the dollars.

Dude you honestly never have any actual clue what it is your talking about.
Your basis for comments appears to be based on you being pissy.
I would advise that you fully research SWIFT then correct yourself.

Currently in Russia, SWIFT exchanges going to Russia at least coming from Japan are not excepted thru SWIFT. This was last nights news from a possible transaction I was to make to Volgograd .

In this case, MIM happens to KNOW what he is TALKING about. Perhaps you'd like to apologize, but I highly doubt you will.

If you read through the bill and pay attention, the Democrats are full of sh** as usual. Billions more to Big Pharma. Billions more to Ukraine and billions more to Green Energy, all while strangling the American oil industry and begging other countries to ramp up their production.
They want to give almost 3 billion to the Crime Victims Fund. Here's an idea. I know it'll sound crazy, but just bear with me on this one.... Stop letting the criminals back out on the streets.

They want to "combat the opioid epidemic" . Gee, how about controlling the border where it's coming from.

More money to the FBI to investigate domestic terrorists.
So, more money to harass parents standing up for their kids and Conservatives in general.

www.appropriations.senate.gov...#:~:text=WASHINGT ON%20(Wednesday%2C%20March%209%2C,largest%20increase%20in%20four%20years.

This bill invests in future prosperity, in our health, and reduces everyday costs for millions of Americans, such as child care, a college education, and heating and cooling costs.

Hey Joe ! You wanna reduce my heating and cooling bill ?
Try getting your foot off the throat of the oil industry.

Just the other day I was "terrorizing" my wife trying to persuade her to right size our finances such that out outgoing matched our incoming.

Republicans want spending to January when the new congress takes over. Democrats want a whole year.

Should be obvious why. Democrats lost their grip, and the House controls the purse. It's a way to try to keep control that much longer by authorizing their funding over the oppositions'.

It's the intentional crash of the dollar

What can you say??

They cannot implement a mainfederally controlled digital dollar w the paper dollar still the main source of curreny

Been talking about this for years and told I was crazy

This is just another shell game on the path to it

a reply to: jerryznv

Doesn’t matter, the USA is $ucked anyway. How much tax payer’s money will be wasted on interest payments in the future because neither party could reign in spending. Total lack of control.

The growth in interest costs presents a significant challenge in the long-term as well. According to CBO’s projections, interest payments would total around $66 trillion over the next 30 years and would take up nearly 40 percent of all federal revenues by 2052. Interest costs would also become the largest “program” over the next few decades — surpassing defense spending in 2029, Medicare in 2046, and Social Security in 2049.

www.pgpf.org...

a reply to: jerryznv

No one, in their right mind, wants a high debt.
Why?!

Back in 1980 under James Earl Carter the debt ceiling was $81,182,000,000.00

So, what have any tax payers gained by an unlimited spending spree, by corrupt career parasite politicians whom suffer no way financially or individually by misappropriating taxpayers money.

a shame that Jan 6 failed...

originally posted by: Allaroundyou

originally posted by: musicismagic

originally posted by: Allaroundyou

originally posted by: musicismagic
You do know that Russia does not have SWIFT transfers of the dollars.

Dude you honestly never have any actual clue what it is your talking about.
Your basis for comments appears to be based on you being pissy.
I would advise that you fully research SWIFT then correct yourself.

Currently in Russia, SWIFT exchanges going to Russia at least coming from Japan are not excepted thru SWIFT. This was last nights news from a possible transaction I was to make to Volgograd .

In this case, MIM happens to KNOW what he is TALKING about. Perhaps you'd like to apologize, but I highly doubt you will.

You MIM thing has absolutely no idea what your speaking of..
I would love to school you but I legally cannot.
[snipped]


Best I can say best I can do.

I just have to go by what has been said.

Развитие событий
24 февраля
Правительство Украины попросило запретить России использование SWIFT с начала вторжения[4]. Министр иностранных дел Украины Дмитрий Кулеба предложил немедленные «деструктивные санкции» против России, включая её отключение от банковской системы SWIFT, полную изоляцию России во всех форматах, предоставление оружия, техники и оказание гуманитарной помощи[5]. Позже в тот же день Кулеба призвал партнеров Украины разорвать все дипломатические отношения с Россией. Однако другие государства-члены ЕС сопротивлялись, как по причине того, что европейские кредиторы держали 30 миллиардов долларов в виде активов иностранных банков в России, так и потому, что Россия разработала альтернативу — СПФС[6].

25 февраля
Французский министр финансов Брюно Ле Мэр призвал отключить Россию от SWIFT за вторжение на Украину. Ле Мэр назвал запрет SWIFT последним средством и «финансовым ядерным оружием»[7] Канцлер Германии Олаф Шольц заявил, что воздерживается от отключения России, поскольку на российский газ приходится большая доля поставок энергоносителей в Германию и другие части Европы. В то же время Шольц предположил, что такой шаг будет возможен на более позднем этапе[6]. Идею отключения России поддержал и президент США Джо Байден, который заявил, что запрет возможен, хотя «это не та позиция, которую хочет занять остальная Европа»[6].

Позже в тот же день, немецкий федеральный министр финансов Кристиан Линднер вновь заявил, что его страна не возражает против такой санкции. Линднер сказал, что его страна готова отключить Россию от SWIFT, но сначала необходимо просчитать последствия для экономики страны[8]. Министры иностранных дел Прибалтики потребовали запретить России доступ к SWIFT[9].

26 февраля
26 февраля 2022, Кипр, Италия, Венгрия и Германия подтвердили, что не будут блокировать отключение России от SWIFT[10]. Официальные лица США и их коллеги из ЕС изначально рассматривали участие как отдельных банков и организаций, так и всей российской экономики[11]. Соединенные Штаты также ввели другие санкции против России, нацеленные на банковский, технологический и аэрокосмический сектор Москвы[12].

OK, it basically says what you are saying. But yesterday I was told I can not send to Russia through the SWIFT process. We are entitled in life to make mistake, I owe you and an apology, but you told me to STFU, so it would be a bit difficult for me to apologize to you.
Since you know the legalities of SWIFT, I am still interested in sending a payment to the city I mentioned. Tell me how it can be done. It's my understanding I am not allowed also to send US dollars by mail into Russia. Is that correct?

Business as usual.

They don't really care about the debt ceiling.

Conservatism in the Republican Party is negotiable.

The last, true platform objective the major party conservatives have left is the border. They have compromised on gun control, debt, spending, big government, etc etc etc. That's it. That's why Trump resonated with the populous, he made them think they're victims and he discussed the border-
it's all they got.