Post AVunLaFW0A0qmYgv1E by ViennaMike@mastodon.social
 (DIR) More posts by ViennaMike@mastodon.social
 (DIR) Post #AVudvmVGv3aRffgPJY by dave@social.masto.land
       2023-05-22T12:09:07Z
       
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       Wouldn't it be great if the news orgs instead of bullshitting us about the consequences of a default, actually explained it?http://scripting.com/2023/05/07/121635.html
       
 (DIR) Post #AVugiy4ctEbXeZnkae by FrankFrank@newsie.social
       2023-05-22T12:40:18Z
       
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       @dave It's really very simple. In order for the Seditious Conspiracy Insurrectionist Republican's to establish absolute authoritarian power, they have decided destruction of the United States is job 1.Coincidentally, Putin has established an identical strategy for decades.
       
 (DIR) Post #AVunLaFW0A0qmYgv1E by ViennaMike@mastodon.social
       2023-05-22T13:54:36Z
       
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       @dave A lot.of money stored in banks are demand deposits. You can withdraw your money at any time. I don't believe this is the case with most money invested in (loaned to) the U.S. government. So one can't demand to cash out. That said, as short term investments come payable and aren't paid, no one is going to be lining up to buy new government debt, or at least not without the government.having to pay very high interest.
       
 (DIR) Post #AVzALxtTAQoHgyN0Wu by richh@mastodon.cloud
       2023-05-24T16:31:13Z
       
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       @dave A note on “Greece can print money if they want, but no one will accept drachmas“. They can’t because they haven’t used the drachma in 20years! When they had their debt crisis in 2009-11, they were using the Euro - which only the European Central Bank can print. Which is why US-GR comparisons are wrong. Greece is a currency *user*, not a printer. They have marginally more monetary power than the State of NY. But not by much.