Authored by David Stockman via DailyReckoning.com,
As of October 24, the U.S. Treasury was flush with $435 billion of cash. That was because the department’s bureaucrats had been issuing debt hand-over-fist and piling up a cash hoard, apparently, for the period after March 15, 2017 when President Hillary Clinton would need to coax another debt ceiling increase out of Congress.
A former White House Budget Director has warned that the U.S. Treasury could run out of money by June 2017, sparking riots and civil unrest across America. According to an interview with David Stockman, a controversial deal made between former Speaker of the House John Boehner and former President Barack Obama in 2015, will result in the “mother of all debt ceiling crises,” by the summer of 2017 which will see a giant “fiscal bloodbath” for Americans. “I think what people are missing is this date, March 15th 2017.
Authored by Van R. Hoisington and Lacy H. Hunt, Ph.D. via MauldinEconomics.com,
Hoisington Quarterly Review and Outlook – 4Q2016
CHANGE?
Following yesterday's press reports that Steve Mnuchin and Wilbur Ross would be selected for two of the top economic posts in Donald Trump's administration, earlier today the two confirmed their nominations to lead the U.S. Treasury and Commerce Department, respectively. Mnuchin and Ross spoke on CNBC's "Squawk Box."
Submitted by David Stockman via Contra Corner blog,
Donald Trump says a lot of whacko things, and his recent wild pitches about defaulting on the national debt and replacing Yellen because she is not a Republican sound as if they were coming right out of his wild man wheelhouse. Certainly these statements have gotten mainstream financial journalists and editorial writers in high dudgeon.
Said the NYT editorial page about Trump’s observation that if things got bad enough he’d seek to negotiate “discounts” on Uncle Sam’s towering debt,