US government to close shop tomorrow (Singapore time)

[Darryn]

imo they will raise the ceiling la.. like the last time.. not likely they want to hug everyone and go down together.

 

You think so?

 

At least one republican has already publicly tied the debt ceiling to removal of "Obamacare"

 

And another has said (paraphrasing here) - that the "Republicans have to get something out of the shutdown - I don't know what, but something"

[LoverofCar]

Looks like the issue is getting bigger and the days goes by.. Now protests are starting ...

 

 

http://rt.com/usa/government-shutdown-live-update-564/

 

Sunday, October 13

16:15 GMT: Military veterans taking part in the ‘Tea Party’ protests have torn down barricades at the World War Two Memorial in Washington and carried them forward to barricade the White House. Meanwhile riot police have arrived in front of the White House.

 

08:17 GMT: Truck drivers circled the capital to protest against President Obama, who they say is abusing the constitution.

 

Saturday, October 12

23:47 GMT: After a conference with Obama, Harry Reid and other Senate Democratic leaders left, saying nothing to reporters. A party aide however told Reuters that they had agreed that talks should continue between Reid and Senate Republican leader Mitch McConnell.

“But Democrats' position remained the same: Democrats are willing to negotiate on anything Republicans want to discuss as soon as we reopen the government and pay our bills,” the aide added.

20:18 GMT: Barack Obama is planning to meet Senate Democratic leaders at the White House later on Saturday to discuss the fiscal stalemate, the White House said.

02:04 GMT: Despite the growing hope that US lawmakers will find a way to end the shutdown, hundreds of cancer patients hoping to receive special treatment methods at the National Institute of Health have been rebuffed since October 1. Michelle Langbehn, who was diagnosed with sarcoma in April 2012 at age 29, has been on a campaign to raise awareness on how a game of politics is putting actual lives at risk.

“As patients are looking for clinical trials, they’re not doing it because their doing well by any means,” she told RT. “Patients are looking at clinical trials because it might be a last resort so for a patient to be turned away or denied because this government shutdown is very difficult. This might just be the lifesaving treatment we’ve been looking for.”

Langbehn, the mother a young daughter, has attracted over 120,000 signatures to her petition on Change.org/shutdown. She said that when she meets with Washington lawmakers next week she hopes to explain what kind of risk their taking.

“I’d like them to know that lives are at stake, 200 people are trying to get into trials each week at NIH and as each week passes that’s another 200 who are turned away at this time,” Langbehn continued. “It’s a matter of life or death it’s not a matter of inconvenience or just an irritation for us. We need this treatment.”

 

01:39 GMT: The US Food and Drug Administration suspended all routine food safety inspections starting on Oct. 1, the beginning of the government shutdown, an agency spokesman told The Huffington Post.

Without full funding, the FDA only inspects facilities it believes "present an immediate threat to public health."

Normally, the FDA strikes deals with states to use their employees for a certain percentage of inspections, yet those contracts were also eliminated upon the shutdown. The absent inspections by state workers and those skipped due to furloughed federal employees combine to make about 73 missed routine inspections nationwide per business day, The Huffington Post reported.

The FDA has oversight over 80 percent of the US food system.

00:52 GMT: Several states have worked out deals with the federal government to reopen national parks on a limited basis at the states’ own expense, the Associated Press reported.

For instance, New York Gov. Andrew Cuomo said the state will shell out $61,600 a day to fund Park Service personnel in full to keep the Statue of Liberty open.

Other iconic locations such as the Grand Canyon (Arizona), Mount Rushmore (South Dakota), Rocky Mountain National Park (Colorado) and Zion National Park (Utah) will open in the coming days based on various temporary agreements with Washington.

[Mllcg]

do we really want usa to default?

[Wt_know]

never default never know ...

however, if usa default ... it definitely gets a lot worse before it gets better

 

the usa govt is sibei drama king ... making the whole world as their stage ....

on another word, sibei sia sui ... pui

 

do we really want usa to default?

 

[Jman888]

never default never know ...

however, if usa default ... it definitely gets a lot worse before it gets better

 

the usa govt is sibei drama king ... making the whole world as their stage ....

on another word, sibei sia sui ... pui

 

 

 

 

looks like Obama going all out on his final term, many many big ang mo ego in their parliament

[Mllcg]

never default never know ...

however, if usa default ... it definitely gets a lot worse before it gets better

 

the usa govt is sibei drama king ... making the whole world as their stage ....

on another word, sibei sia sui ... pui

 

 

 

default also can stop inflation for a while.

 

but more cons than pros

[Mustank]

 

 

looks like Obama going all out on his final term, many many big ang mo ego in their parliament

 

 

[Wt_know]

democrats and republicans ... both are same same

money $$$ comes first

no $$$ no talk

[Koko]

do we really want usa to default?

 

 

IMO, uncle sam need to default slowly.... I don know how to do it or if it is possible... but that the best way without affecting others.

 

Actually, in technically speaking, they are already a bankrupted.

 

They are just using future money, keep on borrowing and borrowing... in order to give themselves a lavish life...

 

In other word, there are just too many people over there not willing to learn fishing and waiting others to catch fishes and feed them.

[Wt_know]

yes, USA already bankrupted for years already

16 trillions debt .... nabei ... this is not bankrupt ... what is?

 

the problem is everyday need to pay the bills by borrowing more money

the paying stop when the lending stop ...

all the people scare usa does not raise their debt ceiling ... aka continue to borrow

no one is asking ... even usa want to continue to borrow ... will creditor continue to lend?

Edited October 14, 2013 by Wt_know

[Enye]

preparing for default liao

 

this is it....all the best to everybody

 

Central banks preparing for US debt default

Pledging ample liquidity is likely to be their first tool

[WASHINGTON] Central banks have begun making contingency plans on how they would keep financial markets working if the US defaults on the world's benchmark debt.

Policy makers discussed possible responses when they met at the International Monetary Fund's annual meetings in Washington over the weekend, said officials. The discussions continued as policy makers headed home.

"Because in the past it's always been sorted out is absolutely not a reason to fail to do the contingency planning," Jon Cunliffe, who joins the Bank of England as deputy governor for financial stability next month, told UK lawmakers on Monday. "I would expect the Bank of England to be planning for it. I'd expect private sector actors to be doing that, and in other countries as well."

The initial response from the world's central banks would likely echo their actions after the collapse of Lehman Brothers Holdings in 2008. Back then, policy makers pledged they would provide ample liquidity, eased the collateral they lent against and boosted US dollar swap lines with each other to ensure supply of the currency.

The US$12 trillion of outstanding US government debt is 23 times the US$517 billion Lehman owed when it filed for bankruptcy on Sept 15, 2008. While policy makers from Japan to Saudi Arabia have expressed faith in the ability of the US to pay its bills, a default would put the world in uncharted territory.

Central bankers have spent the past six years expanding their toolkit for dealing with a financial crisis that began in August 2007 when tremors in the US subprime mortgage market began reverberating worldwide. That turmoil deepened with the Lehman failure and was then extended by Europe's fiscal woes.

"You want the plumbing of the financial sector to keep working even with the main benchmark in default," said Rob Wood at Berenberg Bank in London and a former official at the Bank of England. "You want to avoid a firesale of US assets."

The Fed opened what eventually became 14 swap lines in December 2007 to provide the global financial system with dollar liquidity as the subprime mortgage crisis stirred doubts about the quality of assets on bank balance sheets around the world. They were boosted as markets froze the following year.

The swaps were closed in February 2010 and reopened three months later amid a squeeze in dollar funding due to the euro area debt crisis. Last December, the Fed extended the lines with the Bank of Canada, Bank of England, the European Central Bank and the Swiss National Bank until February 2014. The swaps allow the central banks to borrow in dollars from the Fed and then auction them at home.

With less room to cut interest rates now than in 2008, when major central banks did so in unison, a US default would prompt officials to first focus on pumping cash into the financial system, said Stewart Robertson at Aviva Investors in London.

"There are other measures they can take, such as easing liquidity strains," he said. "They might actually find that easier than after Lehman. At that time there was really a worry about who was holding billions and trillions of toxic waste. With this, you know more what's happening."

While they could utilise swap lines and keep accepting Treasuries as collateral, central banks would probably hold back on easing monetary policy because they would bet the US would quickly end the default once markets turned volatile and recession loomed, said Mr Wood of Berenberg Bank. - Bloomberg

 

[Wt_know]

default ... means ... "in god we trust" also cannot trust liao

send all the $$$ to spore ...

hearsay ... safe haven for investment

Edited October 16, 2013 by Wt_know