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Gold sets record. Goes past $1,600 per ounce

Texashiker said:
Means the financial crisis is not over, probably not by a long shot.
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Today is more of a reaction to the debt ceiling debacle which will eventually be raised one way or another. We may default by the time we raise the ceiling (unlikely) but it will be raised.
 
sunzt said:
Today is more of a reaction to the debt ceiling debacle which will eventually be raised one way or another. We may default by the time we raise the ceiling (unlikely) but it will be raised.
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Just because I do not get a raise at my job, does not mean I default on my loans. I think the same should apply to the gubberment.

Sooner or later there will come a point when the federal reserve can not print anymore money without something to back up the value.
 
Texashiker said:
Just because I do not get a raise at my job, does not mean I default on my loans.

I think the same should apply to the gubberment.
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except your personal bankrupcy does not impact too many people. If the US defaults, the whole world is in trouble.
 
sdifox said:
except your personal bankruptcy does not impact too many people.
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Where does the relationship between getting a raise and bankruptcy come into play?

Government needs to cap the budget and reduce our debt. Asking for a raise will do neither.
 
I remember a thread a year or two ago about a guy who said his wife wanted to buy gold, and everyone completely ripped him apart since prices were obviously going to crash. That guy would've made some money.
 
The government should confiscate the gold and use it to pay off the national debt. Greedy investors are the things killing this country in the first place.
 
Texashiker said:
Where does the relationship between getting a raise and bankruptcy come into play?

Government needs to cap the budget and reduce our debt. Asking for a raise will do neither.
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I agree that the US needs to reign in its spendings. But defaulting is not the way to do it.

It galls me the same Tea Party idiots that extended the tax cuts are saying they want to fix this though reduced spending alone.
 
spidey07 said:
Or you ask employees to take a pay cut or they are out of a job.
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all that will have to happen. But I doubt it can be done fast enough to avoid a default without raising the limit.

And it's about time taxes are hiked in the states.
 
Texashiker said:
I pay taxes with every paycheck, I assure you the government is not broke.
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Except you got this large chunk of debt that is gathering a lot of interest that has to be paid.

I heard on the radio that Bill Gates' entire fortune is only good for 2 months of interest payment on your national debt. That is simply atrocious.
 
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sdifox said:
Except you got this large chunk of debt that is gathering a lot of interest that has to be paid.
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Maybe now would be a good time to outlaw the ownership of gold, send the military house to house and collect everything with gold in it, and then turn that gold over to the federal reserve.

The fed could then sell the gold, and pay off our debt.

Or, just give all of our gold to china as a down payment on the debt?
 
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