USD tanking against Thai baht.

[binnsy]

The Obama administration has warned Congress the US could run out of money to pay its bills soon after mid-October unless swift action is taken to raise government borrowing limits.
 
Treasury Secretary Jack Lew made the plea in a letter to Congressional leaders following several bruising political battles over the country's finances in recent years that have resulted in last-minute emergency measures to avert disaster.
 
Mr Lew said "Congress should act as soon as possible to protect America's good credit" urging action "well before any risk of default becomes imminent".
 
He warned that the government would exhaust its borrowing capacity in the middle of October and be left with about $50bn (£32.2bn) in cash on hand, an amount that he said could conceivably be wiped out in a single day.
 
"Such a scenario could undermine financial markets and result in significant disruptions to our economy," Mr Lew added.
 
A heated debate in Washington over the debt ceiling nearly led to default in 2011, rattling financial markets and prompting a major rating agency to downgrade America's credit rating.
 
Earlier this year, a divided Congress officially missed the deadline for averting $85bn of cuts to defence and other programmes, which had been designed to be so ugly that Washington would be forced to avoid them.
 
The government has been scraping up against its current $16.7trn (£10.7trn) debt limit since May, but has avoided defaulting on any of its obligations by employing a number of emergency measures to manage its cash, like suspending investments in pension funds for federal workers.
 
Republicans are considering using the need to raise the debt ceiling as leverage for their agenda in Congress.
 
Among the party's aims is weakening President Obama's signature healthcare overhaul.
 
"The debt limit remains a reminder that, under President Obama, Washington has failed to deal seriously with America's debt and deficit," said Michael Steel, a spokesman for House Speaker John Boehner.
 
While Congress has already taken the tax and spending decisions that have fuelled US budget deficits, it also separately controls the limit on the nation's debt.
 
However, the President is vowing not to let the debt ceiling be a bargaining chip in other political discussions - suggesting Americans face another anxious wait for a deal.
 
"We will not negotiate with Republicans in Congress over Congress' responsibility to pay the bills that Congress has racked up, period," White House spokesman Jay Carney said.
 
The Obama administration has been bolstered by improved tax receipts amid economic recovery but while that has bought some time there is no sign of any compromise in sight.
 

[Voodoo]

When I arrived permanently on these shores in 1986, the exchange rates were 25 to the $, and 39 to the £

From 1956 until 1973, the baht was pegged to the U.S. dollar at an exchange rate of 20.8 baht = one dollar and at 20 baht = 1 dollar until 1978. A strengthening US economy caused Thailand to re-peg its currency at 25 to the dollar from 1984 until July 2, 1997, when the country was stung by the Asian financial crisis. The baht was floated and halved in value, reaching its lowest rate of 56 to the dollar in January 1998. It has since risen to about 30 per dollar.

Thanks Nick.. Well said..

[Voodoo]

The Obama administration has warned Congress the US could run out of money to pay its bills soon after mid-October unless swift action is taken to raise government borrowing limits.
 
Treasury Secretary Jack Lew made the plea in a letter to Congressional leaders following several bruising political battles over the country's finances in recent years that have resulted in last-minute emergency measures to avert disaster.
 
Mr Lew said "Congress should act as soon as possible to protect America's good credit" urging action "well before any risk of default becomes imminent".
 
He warned that the government would exhaust its borrowing capacity in the middle of October and be left with about $50bn (£32.2bn) in cash on hand, an amount that he said could conceivably be wiped out in a single day.
 
"Such a scenario could undermine financial markets and result in significant disruptions to our economy," Mr Lew added.
 
A heated debate in Washington over the debt ceiling nearly led to default in 2011, rattling financial markets and prompting a major rating agency to downgrade America's credit rating.
 
Earlier this year, a divided Congress officially missed the deadline for averting $85bn of cuts to defence and other programmes, which had been designed to be so ugly that Washington would be forced to avoid them.
 
The government has been scraping up against its current $16.7trn (£10.7trn) debt limit since May, but has avoided defaulting on any of its obligations by employing a number of emergency measures to manage its cash, like suspending investments in pension funds for federal workers.
 
Republicans are considering using the need to raise the debt ceiling as leverage for their agenda in Congress.
 
Among the party's aims is weakening President Obama's signature healthcare overhaul.
 
"The debt limit remains a reminder that, under President Obama, Washington has failed to deal seriously with America's debt and deficit," said Michael Steel, a spokesman for House Speaker John Boehner.
 
While Congress has already taken the tax and spending decisions that have fuelled US budget deficits, it also separately controls the limit on the nation's debt.
 
However, the President is vowing not to let the debt ceiling be a bargaining chip in other political discussions - suggesting Americans face another anxious wait for a deal.
 
"We will not negotiate with Republicans in Congress over Congress' responsibility to pay the bills that Congress has racked up, period," White House spokesman Jay Carney said.
 
The Obama administration has been bolstered by improved tax receipts amid economic recovery but while that has bought some time there is no sign of any compromise in sight.

The Obama will not negotiate with Republicans on ANYTHING.. It's either Obama's way or the highway..

[Voodoo]

OK.. we already know that you're a big Obama fan.. What's next?

[nookiebear]

OK.. we already know that you're a big Obama fan.. What's next?

Cruise missiles to Damascus??

[Voodoo]

OK.. we already know that you're a big Obama fan.. What's next?

Cruise missiles to Damascus??

Unfortunately, you may be right.. One good thing did come out of today.. the British Parliament got it right.. My God did I just say that?  Now I know, for sure, that Obama's got to go...

[Ahab]

OK.. we already know that you're a big Obama fan.. What's next?

Cruise missiles to Damascus??

Unfortunately, you may be right.. One good thing did come out of today.. the British Parliament got it right.. My God did I just say that?  Now I know, for sure, that Obama's got to go...

Re the British parliament getting it right, even a blind squirrel will occasionally find an acorn.

[Speros]

OK.. we already know that you're a big Obama fan.. What's next?

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

[urleft]

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

BTW Simon, exactly what made W a moron?   

How could that moron be the only US President to earn an MBA from Harvard? 


And believe it or not, I am not a Bush ( Sr or Jr) fan, both are part of the DC elite IMHO.  Just trying to get the specifics of how he became a moron. 

[Ahab]

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

BTW Simon, exactly what made W a moron?   

How could that moron be the only US President to earn an MBA from Harvard? 


And believe it or not, I am not a Bush ( Sr or Jr) fan, both are part of the DC elite IMHO.  Just trying to get the specifics of how he became a moron.

Bush was a moron because the left and the press say that he was. This is what the left does to anyone on the right that dares to become president. Why debate his policies or wisdom of his actions based on facts when it is easier to call him a name.

On the other hand the current temporary resident of the white house is hailed by the left and the press as a genius. At least they are consistent, this judgement is obviously not based on facts either.

[Voodoo]

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

BTW Simon, exactly what made W a moron?   

How could that moron be the only US President to earn an MBA from Harvard? 


And believe it or not, I am not a Bush ( Sr or Jr) fan, both are part of the DC elite IMHO.  Just trying to get the specifics of how he became a moron.

Bush was a moron because the left and the press say that he was. This is what the left does to anyone on the right that dares to become president. Why debate his policies or wisdom of his actions based on facts when it is easier to call him a name.

On the other hand the current temporary resident of the white house is hailed by the left and the press as a genius. At least they are consistent, this judgement is obviously not based on facts either.

Thank you so very much.. Well said...

[Speros]

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

BTW Simon, exactly what made W a moron?   

How could that moron be the only US President to earn an MBA from Harvard? 


And believe it or not, I am not a Bush ( Sr or Jr) fan, both are part of the DC elite IMHO.  Just trying to get the specifics of how he became a moron.

Apart from his public speaking ? Well let me think.....weapons of mass distraction, resulting in the invasion of Iraq, invading Afganistan which has historically gone so well for the Russians and the British, banning gay marriages, ....his involvement and profiteering from the Emron bankruptcy , ensuring the Bin Laden family members were promptly allowed to leave the US after 9/11 without questioning. Maybe you are correct he may not be a moron but a national and international criminal mastermind who just looks like a big eared retard hiding behind family money and power stained with so many others blood.

[Speros]

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

BTW Simon, exactly what made W a moron?   

How could that moron be the only US President to earn an MBA from Harvard? 


And believe it or not, I am not a Bush ( Sr or Jr) fan, both are part of the DC elite IMHO.  Just trying to get the specifics of how he became a moron.

Bush was a moron because the left and the press say that he was. This is what the left does to anyone on the right that dares to become president. Why debate his policies or wisdom of his actions based on facts when it is easier to call him a name.

On the other hand the current temporary resident of the white house is hailed by the left and the press as a genius. At least they are consistent, this judgement is obviously not based on facts either.

Yes those poor Republicans..... Beaten up by the whole media industry, all media firmly being in the pockets of the communist left.... I'm sure that FOX network is a front for the trade union movement..... Bahahaha ha 

[urleft]

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

Apart from his public speaking ? Well let me think.....weapons of mass distraction, resulting in the invasion of Iraq, invading Afganistan which has historically gone so well for the Russians and the British, banning gay marriages, ....his involvement and profiteering from the Emron bankruptcy , ensuring the Bin Laden family members were promptly allowed to leave the US after 9/11 without questioning. Maybe you are correct he may not be a moron but a national and international criminal mastermind who just looks like a big eared retard hiding behind family money and power stained with so many others blood.

Yes, check out public speaking.  How many of these have you seen? 







Funny how Bush's gaffes are main stream news, but most of you probably never have seen these by the media. 



And Obama can't even speak for himself:





And let's compare speaking styles to school children:

[Speros]

Not a fan, but I guess I just loathed Bush jnr for the moron he is.

Apart from his public speaking ? Well let me think.....weapons of mass distraction, resulting in the invasion of Iraq, invading Afganistan which has historically gone so well for the Russians and the British, banning gay marriages, ....his involvement and profiteering from the Emron bankruptcy , ensuring the Bin Laden family members were promptly allowed to leave the US after 9/11 without questioning. Maybe you are correct he may not be a moron but a national and international criminal mastermind who just looks like a big eared retard hiding behind family money and power stained with so many others blood.

Yes, check out public speaking.  How many of these have you seen? 







Funny how Bush's gaffes are main stream news, but most of you probably never have seen these by the media. 



And Obama can't even speak for himself:





And let's compare speaking styles to school children:

After what I wrote this is your answer? Lets hope George won't get fooled again!....