{"id":185329,"date":"2011-07-28T19:55:00","date_gmt":"2011-07-29T00:55:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/07\/28\/guess-who-loses-if-there-is-a-default\/"},"modified":"2011-07-28T19:55:00","modified_gmt":"2011-07-29T00:55:00","slug":"guess-who-loses-if-there-is-a-default","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/07\/28\/guess-who-loses-if-there-is-a-default\/","title":{"rendered":"Guess Who Loses If There Is a Default?"},"content":{"rendered":"<p>Surprise, surprise, <a href=\"http:\/\/www.bloomberg.com\/news\/2011-07-28\/u-s-contingency-plan-gives-bondholders-priority.html\">it won&#8217;t be the Banksters<\/a>, because the bond holders will get priority over the people who will actually suffer as a result:<\/p>\n<blockquote style=\"color: blue;\"><p>The U.S. Treasury will give priority to making interest payments to holders of government bonds when due if lawmakers fail to reach an agreement to raise the debt ceiling, according to an administration official.<\/p>\n<p>The official requested anonymity because no announcement has been made. The Treasury has said about $90 billion in debt matures on Aug. 4 and more than $30 billion in interest comes due Aug. 15. Overall, more than $500 billion matures in August.<\/p>\n<p>The $90 billion in six-month Treasury bills maturing Aug. 4 pared losses after the comments. Obama administration officials will brief the public no earlier than after financial markets close tomorrow on priorities for paying the nation\u2019s bills if the $14.3 trillion limit isn\u2019t raised, a Democratic Party official said earlier.<\/p>\n<p>\u201cThe announcement is reassuring, but there\u2019s really no alternative to favoring the bondholders,\u201d said Christian Cooper, head of U.S. dollar derivatives trading in New York at Jefferies Group Inc., which as one of the 20 primary dealers is obligated to bid in Treasury sales. \u201cThe alternative would point to a default\u201d <\/p><\/blockquote>\n<p>The alternative would be children not going to bed hungry, uninspected meat poisoning people, and old people not eating cat food, but no one in Washington, DC gives a crap about them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Surprise, surprise, it won&#8217;t be the Banksters, because the bond holders will get priority over the people who will actually suffer as a result: The U.S. Treasury will give priority to making interest payments to holders of government bonds when due if lawmakers fail to reach an agreement to raise the debt ceiling, according to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1038,1004,1020,1086],"tags":[],"class_list":["post-185329","post","type-post","status-publish","format-standard","hentry","category-budget","category-finance","category-legislation","category-social-safety-net"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185329"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=185329"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185329\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=185329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=185329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=185329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}