{"id":11003,"date":"2013-10-10T18:20:59","date_gmt":"2013-10-10T18:20:59","guid":{"rendered":"http:\/\/praag.org\/?p=11003"},"modified":"2013-10-10T18:20:59","modified_gmt":"2013-10-10T18:20:59","slug":"debt-ceiling-crisis-collapse-will-be-worse-than-great-depression","status":"publish","type":"post","link":"https:\/\/praag.org\/?p=11003","title":{"rendered":"Debt ceiling crisis: Collapse will be worse than Great Depression"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><a href=\"http:\/\/praag.org\/wp-content\/uploads\/2013\/10\/depression.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-11004\" alt=\"depression\" src=\"http:\/\/praag.org\/wp-content\/uploads\/2013\/10\/depression.jpg\" width=\"344\" height=\"146\" srcset=\"https:\/\/praag.org\/wp-content\/uploads\/2013\/10\/depression.jpg 344w, https:\/\/praag.org\/wp-content\/uploads\/2013\/10\/depression-300x127.jpg 300w\" sizes=\"auto, (max-width: 344px) 85vw, 344px\" \/><\/a>You can forget about any default in the debt ceiling crisis.\u00a0 Former Assistant Treasury Secretary Dr. Paul Craig Roberts says, <b>\u201cThe debt ceiling will be raised.\u00a0 No government wants to lose its power or lose its ability to borrow.\u00a0 So, if they don\u2019t raise the debt ceiling, it is just a way of Washington committing hari-kari.\u00a0 It simply removes the United States as a super power.\u201d \u00a0<\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><b><span id=\"more-11206\"><\/span><\/b>Dr. Roberts goes on to say<b>, \u201cIf they don\u2019t make a deal, one of two things will happen. . . . The Federal Reserve, on its own authority, lends the Treasury the money. . . . The other alternative, Obama . . . can simply declare a national emergency and raise the debt ceiling on his own initiative.\u00a0 He could govern as a dictator.\u201d <\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">What would happen if the U.S. did default?\u00a0 Dr. Roberts says, <b>\u201cThe danger of default is the rest of the world dumps dollars.\u00a0 If they dump dollars, the Fed loses control, the whole system blows up.\u00a0 The banks fail.\u00a0 The bond market collapses.\u00a0 The stock market won\u2019t go down 1,500 points; it would be cut in half. \u201d <\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">No matter what happens,<b> <\/b>there is still an enormous and growing debt.\u00a0 <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Dr. Roberts contends, <b>\u201cThe situation is unsustainable.\u201d\u00a0 <\/b>It will blow up at some point, and Dr. Roberts predicts, <b>\u201cIt will be worse than the Great Depression because in the Great Depression, prices fell along with employment.\u00a0 Now, prices will be rising and employment would be falling. . . . Gold and silver prices will explode in dollar terms.\u201d\u00a0 &#8211; <b>usaw<\/b>atchdog.com<br \/>\n<\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can forget about any default in the debt ceiling crisis.\u00a0 Former Assistant Treasury Secretary Dr. Paul Craig Roberts says, \u201cThe debt ceiling will be raised.\u00a0 No government wants to lose its power or lose its ability to borrow.\u00a0 So, if they don\u2019t raise the debt ceiling, it is just a way of Washington committing &hellip; <a href=\"https:\/\/praag.org\/?p=11003\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Debt ceiling crisis: Collapse will be worse than Great Depression&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":11004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,10],"tags":[6737,6879,6878,6881,6880,727],"class_list":["post-11003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-united-states","tag-debt-ceiling-crisis","tag-dr-paul-craig-roberts","tag-former-assistant-treasury-secretary","tag-great-depression","tag-super-power","tag-washington"],"cc_featured_image_caption":{"caption_text":false,"source_text":false,"source_url":false},"jetpack_featured_media_url":"https:\/\/praag.org\/wp-content\/uploads\/2013\/10\/depression.jpg","_links":{"self":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/11003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11003"}],"version-history":[{"count":1,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/11003\/revisions"}],"predecessor-version":[{"id":11005,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/11003\/revisions\/11005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/media\/11004"}],"wp:attachment":[{"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}