Quote:
Originally Posted by Bill8
Possibly, I've heard that statement here, but it is not typically emphasized in teh economics news I read.
I'd have to see the supporting sources - do you have them? It might be interesting toi look at that claim.
However, that's a peculiarity of our governing system, only one other country in the world has a debt ceiling law. All other countries give themselves the right to borrow as they see fit.
However, my point was, we had excellent credit until the new tea party driven republicans in the house decided to make this an issue.
We would not have any problems borrowing more money if it were not for the house. Our creditworthiness was not a concern globally.
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As Agent says it has been raised through the decades
Since March 1962, the debt ceiling has been raised 74 times
http://money.cnn.com/2011/01/03/news...faqs/index.htm
I was actually getting it mixed up with this "Third Blow" they are talking about for the US
The first strike came in 2008 when the subprime bubble popped and plunged the world into recession. Since then, a seemingly endless stream of reports and documentaries on the American financial system has transformed its image from being the envy of the world into the poster child for capitalism gone wrong.
The second strike came in the fall of 2010 when the Federal Reserve went ahead with a controversial second round of quantitative easing, now ubiquitously (perhaps infamously) known as ?QE2?.
http://chinausfocus.com/slider/has-t...conomic-power/