There is default, then there is DEFAULT, and THEN.....................from Rico

Today's DRUDGE had a headline "USA Risks Joining 1933 Germany in Default" which linked to a Bloomberg article.

- In fairness, the article mentioned that both Germany and France had defaulted eight times since 1800 but did NOT mention the 'ultimate default' by the USSR which collapsed under the weight of Communist central planning. Implicit in this article is the pResident's recent assertion that 'the US has never defaulted, and will not now.' Oh yeah, the US it be speshul!

- Neither did it bother to explain a few other things:

a. There is NO connection between the 'debt limit' and 'default' in the US.

- The 'debt limit' restricts government spending to the amount of incoming government revenues, but it does NOT prohibit the government from servicing its debt.

b. The US 'debt ceiling' has already long been breached, and the country is already in a 'soft' default.

- Emergency measures [read: accounting shenanigans] by the Treasury have been concealing the debt limit breach.

- Debts are being repaid with a debauched currency. Devaluing the Dollar allows the government to pay back debts with money that is increasingly worth LESS.

c. The US has defaulted in the past. It will again default in the future. USG defaults include:

- Continental Currency 1779

- Domestic Debt 1782

- External Debt 1790

- Greenbacks 1862

- Domestic Debt 1933

- Liberty Bonds 1934

- Nixon's refusal to redeem Dollars 1971

Of course, if one of the 'leading' financial sources cannot be 'bothered' to figure this out you can bet that the Obama Stenography Pool can't be bothered with silly facts...they have a script to follow. A storyline to be spoonfed to the masses.

- And anyone relying upon teleprompter readers for their 'information' today is (badly paraphrasing Mark Twain) both 'uninformed' and 'misinformed.'

Think "it can't happen here?" It already HAS.....