Debt ceiling or target?
The can has been kicked down the road a little further and the debt ceiling gets reconsidered in February and heaven forbid the US even passes it's first budget since 2009 in January. So we are getting close to the 97th consecutive debt ceiling rise since the Fed was established in 1917. Jeff Berwick put it well yesterday... These are not debt ceilings but debt targets, and they hit them every single time! Let's equate this to normal business practice. What business gets away without having an annual budget and what business can decide to shun GAAP and leave $65 Trillion (some estimate close to $100t) in unfunded liabilities off its balance sheet meaning a real debt of $82 Trillion, not $17? The world is quickly losing faith in the US fiat currency, China in particular quite vocal in the last week. Lose world currency status and they can no longer print their way out of this mess. Gold and silver are outside the Fiat currency system and this could well be your saviour one day soon.