Hasbeen I think I am about to shock you.
I share your fears and reasons for them.
Too the fear we are not truly in control of our own fate.
In about a dozen threads I have tried to put my views on this subject.
But not as clearly as I wanted to.
Free loaders are in my view anti Social.
My Labor colleges must confront this, to give goods and services to both the poor and the community we must find a way to cut the waste.
Not mandatory slashes to education and health care, not pensions and welfare.
But to institutionalized wast in them all.
A true carer for the poor undermines their concern by stalling much needed reform in all those areas.
New polling this morning shows support for Republicans in this matter is 24%

In effect those numbers say next years mid term elections are going to punish that party.
In a world that has other super economy's America must see its true position and confront its need for massive change.

Surprise surprise everyone seems to be in agreement, it is a b%^&#y mess.
I have even seen suggestions that if it goes to the default that there
will be a military takeover.
Sooner or not much later those holding US Treasury bonds will panic.

About the only sensible way out would be for Obama to ask the Queen
to appoint a Governor General who could dissolve both houses and send
them to the voters.
Grin

Now where have I heard that before ?
The similarity of the situation is remarkable.
Both houses locked over money bills.
Obama is illegally looking for a Line of Credit from Goldman Sachs.
Whitlam was wanting to borrow illegally from Kemlani.

I can see no way out of their indebtedness, interest rates are very
near zero, so who would want to hold them anyway, the risk must be
great so the interest rate should be high and the only way to
resolve that is to get out while the going is good.

Once people twig to the risk that they can never be honored sell, sell, sell will be the word.

i heard many affirmations..in my mind..reading your post bazz
thing..is..

we are borrowing..ever bigger debt..
MAINLY too repay..previous debt..borrowing
its like paying..off your credit card..with a new card
then..the..next loan..repays the next*..borowing..[from the same bankers*

..[and their free lunch..scooping off the cream..that floats on top..[in the form..of nice big fat bonus..interest free credit.[for raising..the book-debt...no real money was lent..]

we borrow..our way..into bankruptcy
already..they took our private pensions..investment funds..even cash in banks..[bail-ins]..and still..no-one in charge is in jail..or stretching their neck..for treason..upon its people..

but they are so guilty-desperate..
they can only..hide the crime they..will do [more horrible things]..by doing worse..the bible says two thirds die..before we wake-up..so its only just begun

so..this is as good as it gets..we will no doudt..look..back fondly..tothese earlier days..when we could have said..

'hang-on'..'it dont compute'
you..lend..me money..so..i can launder it for you?

its like doubling up the bet..till you win
ok..so who is left with enough..cash..to pay-off?

get them..now..the 1%..is far too..vile*
heed..*greed creates need..and some..are too greedy..to listen..to anything..but their..insane inner voice..that ever says..more..more..more..i wants it all*

or they..destroy..us all
who are..the real terrorists..media cant say
but numbers dont..lie..so.who..owns what..how was it begot?

Here you go - a brilliant animated short, narrated by Ed Asner.

Wanna know what went wrong in America?

http://www.moveon.org/share/72e232/hollywood-legend-ed-asner-has-outraged-republicans?rc=share-5393dd

(I hear Republicans are outraged....good.....cheating shonks)

agovt scam
http://xrepublic.tv/node/5697

BUT..how..to get them.. to riot..in the streets
http://intellihub.com/2013/10/12/welfare-state-collapsing-govt-shutdown-glitch/

According to a Xerox spokesperson, a routine system check by the vendor resulted in system failure, leaving assistance recipients across the country with no way to buy food.
http://www.theorganicprepper.ca/72-hour-warning-grocery-stores-across-the-country-turn-away-hungry-shoppers-as-ebt-system-crashes-10122013

$30 trillion held in tax-free offshore accounts, and satirized in South Park’s Emmy Award-winning episode on our bailing out the big banks with the catchline, “And it’s gone.”
http://www.examiner.com/article/the-fed-could-simply-cancel-all-5-trillion-of-intragovernment-debt

If one understands the mechanics of canceling $2 trillion in debt, there’s equal wisdom to likewise cancel all ~$5 trillion of the debt held by Social Security and other intra-governmental holdings as simple book-keeping because we literally owe this to ourselves.

http://investmentwatchblog.com/u-s-government-debt-is-the-biggest-ponzi-scheme-in-history-a-default-on-its-debt-is-inevitable-gold-was-designed-to-safeguard-bondholders/
http://investmentwatchblog.com/tim-iacono-the-fed-is-the-culprit-for-u-s-economic-problems/

http://xrepublic.tv/node/5698

http://investmentwatchblog.com/goldman-sachs-trying-to-flush-out-gold-sellers/

Too True Poirot, it really is like there with the US banks.

However watch out here;
Early this year the IMF and the G20 governments discussed the
"Bail-In" that was tried in Cyprus.
They considered it a success and agreed that the G20 countries should
adopt that process. Wayne Swan signed up to it and legislation either
has been introduced or is yet to be introduced into our parliament.
How does the Bail-In work ?

Well when a bank gets into trouble they can use depositors funds to
pay bond holders or other creditors of the bank. These creditors can
include overseas banks from which they have borrowed.

Now if it has not already been made law then the question is will our
new government go ahead with it ?

How thick a mattress do you have ?