October 8, 2013
Gene Sperling, director of the National Economic Council and President Obama’s economic adviser, said : “A long-term extension of the debt limit would be better for the economy.”
Sperling is suggesting that Obama “would be open to a short-term increase” in the debt ceiling to save the US economy.”
Sperling said: “Longer is better for economic certainty and jobs, but it is ultimately up to them. There has never been a period where you have a serious faction or a serious strategy by one political party … to use the threat of default as the main tactic in extracting policy.”
The theater surrounding the government shutdown is being facilitated by the insults republicans and Democrats are throwing at each other.
Meanwhile, the new $100 bill will be dumped into circulation with high-tech surveillance capabilities to thwart counterfeiters.
The Federal Reserve Bank (FRB), a privately owned institution, is not affected by the government shutdown.. They are funded through stockholders and have been busy manufacturing a new version of the $100 bill.
This new fiat currency has been distributed to banks, savings and loans institutions and other financial corporations. An estimated 3.5 billion of these notes have been printed so far.
The Bureau of Engraving and Printing (BEP) stated that the new $100s have a “3-D security ribbon is magic. It is made up of hundreds of thousands of micro-lenses in each note.”
Even new fake money from the FRB cannot outshine the fact that the US is indebted to the FRB for an estimated $17 trillion . . . and counting.
Jack Lew, Secretary of the US Treasury, stated that the federal government will not be able to pay back its debt and that the debt ceiling should be raised indefinitely.
Experts are blaming “the dysfunction in Washington” to explain the fear in the marketplace.