Treasury Secretary Yellen warns there
will be a RECESSION if Congress doesn't
raise the debt ceiling - but rules out
minting a $1trillion coin to try and avert
the chaos
Daily Mail (UK),
by
Geoff Earle *
Original Article
Posted By: Ribicon,
10/5/2021 3:20:17 PM
Treasury Secretary Janet Yellen is warning Congress could plunge the nation into recession if it fails to raise the statutory debt ceiling by October 18th–and ruled out as a 'gimmick' the idea of minting a trillion dollar coin to avert a default. Yellen has previously identified the October date as the time when the nation would exhaust its extraordinary measures to avert a default on U.S. obligations, and stood by it in an interview on CNBC's 'Squawk Box.'(Snip)With no clear path to raising the debt ceiling by the deadline, Yellen dissed another potential work-around: having the Treasury mint a $1 trillion platinum coin that could then
Reply 1 - Posted by:
Fasteddie 10/5/2021 3:23:59 PM (No. 936191)
Hey, a trillion-dollar coin! Cool idea!! Let's give one to every person in America, and two to each "undocumented".
Then everybody will be rich and all our problems are over!
15 people like this.
Reply 2 - Posted by:
earlybird 10/5/2021 3:26:06 PM (No. 936195)
How can we ship Yellen and Fauci and a passel of others off the planet?
9 people like this.
Reply 3 - Posted by:
itsonlyme 10/5/2021 3:34:07 PM (No. 936199)
As Treasury Secretary, one of her main goals was/is to raise the debt ceiling. Joe "Dementia" Biden, his handlers and Nancy "Witch" Pelosi/Chuck "Slime" Schumer will do the rest.
The sky is falling! The sky is falling!
It's DJT's fault.
6 people like this.
Reply 4 - Posted by:
TLCary 10/5/2021 3:38:12 PM (No. 936203)
If we have to go several trillion dollars in debt on a regular basis to inflate our economy and avoid a recession, we are already in a depression, buried under deep denial... When the financial shell game runs short and the water reaches our necks the reality of the situation will come rushing in hard and fast. Then printing more money and borrowing more from the Chinese won't fix it. I weep for our children and I'm deeply ashamed of our childish politicians.
8 people like this.
Reply 5 - Posted by:
dman 10/5/2021 3:41:17 PM (No. 936204)
No debt ceiling hike, no digital currency, return to the GOLD STANDARD and a federal balanced budget amendment.
Then make the globalist libs live within our means! (Yes: OUR means, not theirs!)
8 people like this.
Reply 6 - Posted by:
stablemoney 10/5/2021 3:45:57 PM (No. 936207)
Janet, cut spending and you won't have to worry about the debt ceiling. Stopping spending all this money on illegals, foreign countries and wars will not cause a recession. It will make the country stronger.
12 people like this.
She's nothing but a lying scrunt. Inflation is already a major issue, and pouring trillions more in clownbux into the economy will only make that worse.
This whore is beyond incompetent - she is absolutely clueless about how economics works, just as most Keynesians are. Every move they have made under Xiden and Obozo has made things worse for the lower and middle class, with zero exception. ZIRP has been an absolute disaster for Americans who can only gamble upon the stock market to earn anything at all on their money, and even that is only possible because of trillions of helicopter dollars that have overinflated stocks to a ridiculous level.
We are on the road to Zimbabwe, and it isn't as far off as most think.
7 people like this.
Reply 8 - Posted by:
Avikingman 10/5/2021 3:56:35 PM (No. 936214)
Elections have consequences.
8 people like this.
Reply 9 - Posted by:
justavoter 10/5/2021 4:03:48 PM (No. 936222)
With FJB in office we are headed to recession with or without the debt ceiling raised.
How about this for an answer Yellen: NO!
Tell Congress to come up with a plan to fund the government without the excessive spending.
5 people like this.
Reply 10 - Posted by:
GoodDeal 10/5/2021 4:09:15 PM (No. 936227)
Welcome to the United States of Weimar.
6 people like this.
Reply 11 - Posted by:
Proud Texan 10/5/2021 4:10:10 PM (No. 936228)
I like earlybird's idea. Ship them off to another planet. Elon Musk's Starship to Mars is still experimental, but then so is the covid vaccine. Somebody needs to be the guinea pig, and all of us won't fit. Sounds like a job for the "elite".
3 people like this.
Reply 12 - Posted by:
DVC 10/5/2021 4:53:00 PM (No. 936253)
I think Yellen is even less reliable than Dr. Fraud.
2 people like this.
Reply 13 - Posted by:
watashiyo 10/5/2021 5:09:24 PM (No. 936265)
Let there be a RECESSION!
3 people like this.
Reply 14 - Posted by:
Birddog 10/5/2021 5:18:50 PM (No. 936281)
Sooo...the IRS gets $79 BILLION in new funding, (is that per year?) Over and above their current $12.5 Billion budget. And they expect to use that to micromanage every dollar every American makes/spends from which they will gather in $463Billion over the next decade...$46.3 Billion per year. She/they claim it would gather in $7Trillion over ten years(primarily through greater number of audits of the very wealthy and Corporations) BUT CBO already scored a similar proposal in 2020 and stated that it would only recoup between $61-113Billion over ten years.
IF she/they think that people are not paying their share, rather than go after the mega rich and corporation that it costs a LOT to audit, and who have very adept Tax folks and Attorneys ready prepped to defend themselves, resulting in a very LOW return of effort/investment. The Really should 1st go after the millions of people that claim less income than 3rd party documents W2's/1099's show they received...only 24% of those even get questioned about it, even people claiming more than a dozen dependents, some times as many as 40 or more don't get a red flag. Dozens of refunds going to a single address don't get a red flag and a look see. $46Million in refunds to a single address in Atlanta..$86Million in refunds to a mere ten addresses...claims for from 1,800 individuals to 23,000 individuals at each location. And ALL of them ITIN, Tax Id's for non-citizens. 4 of the top ten are in Atlanta, 3 in calif. others in AZ and NC.
Have the IRS check remittances to other Nations...cross reference those to US Tax returns if they truly want to recapture what is being "Legally" owed but not paid.
She also wants to move ALL of americans savings accounts to the Fed...where if(WHEN) Dems decide to impose a wealth tax, or just need(want) additional funds they can simply TAKE it, give a "Haircut" the way some european National Banks have.
4 people like this.
Reply 15 - Posted by:
Strike3 10/5/2021 6:12:42 PM (No. 936332)
The scare campaign begins. A good recession could bring Joe's ratings down to 25-30 percent, no?
3 people like this.
Reply 16 - Posted by:
mifla 10/6/2021 4:46:18 AM (No. 936602)
The other alternative is financial collapse due to reckless spending. Like having to choose between poison and hanging.
0 people like this.
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Comments:
*, Katelyn Caralle, and Elizabeth Elkind
Look at her eyes in the video; she's clearly insane. She's startled when the reporter queries her on whether the IRS has the wherewithal to monitor each and every bank account. Reduce spending? Never! Imagine how much money this latest folly would cost, almost certainly to no benefit as the real tax cheats do so above board, or are in the underground economy and don't use banks, or mask transactions through sales of "modern art" and the like. And the trillion dollar coin makes just as much sense as printing money from thin air and dumping it into the economy (with a fat skim for the bankers), as Janet knows full well.