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How Big Would Be Treasury Dept's Very Last Debt Ceiling Request? (WOW!!!)

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March 24, 2012 – Comments (4) | RELATED TICKERS: GLD , SLV

If this doesn't scare the s**t out of you - and scare you out of paper dollars and into real assets like gold and silver - then you are either brain dead or you just don't care anymore.

Tim Geithner (along with Bernanke) was testifying before the House Committee on Government Oversight and Reform yesterday.  Congressman Trey Gowdy (R-SC) - in a display of forcing Geithner to answer a question directly that Ron Paul should take notes on - asked Geithner if he had only ONE more debt increase request that could possibly be made, how big would it be.

After trying to shuffle - very awkwardly, I might add - around answering the question, Geithner responded with, "It would be a lot - it would make you uncomfortable."  Here's the exchange, which I found spine-chilling:

Geithner: “That I’d have to get to you in writing, I can’t do it in my head though.” (note: in the background someone says "he can't put that in writing.")
Gowdy: “How about a round number?”
Geithner: “No idea….
Gowdy: “$20 trillion?”
Geithner: “I just can’t do it in my head.”
Gowdy: “$50 trillion?”
Geithner: “I don’t know..."
Gowdy: “A lot? Can we agree it would be a lot?”
Geithner: “It would be a lot. It would make you uncomfortable.” 
  
Let that sink in for a moment.  Please note that Geithner did not try to dispute the $20/$50 trillion number that Congressman Gowdy threw out.  Here's the 3 minute video of the exchange, which I sourced from Ed Steer's Gold and Silver Daily: 

Full article 

4 Comments – Post Your Own

#1) On March 24, 2012 at 11:00 AM, ElCid16 (95.88) wrote:

http://www.youtube.com/watch?v=saC13RJ8CUs

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#2) On March 24, 2012 at 1:48 PM, XMFSinchiruna (27.35) wrote:

Yeah, I was watching it live, and I did indeed find it a poignant moment. Thanks for posting.

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#3) On March 24, 2012 at 10:50 PM, HarryCarysGhost (99.70) wrote:

If this doesn't scare the s**t out of you - and scare you out of paper dollars and into real assets like gold and silver - then you are either brain dead or you just don't care anymore.

Kdakota, what about buying equties at dirt cheap prices?

 

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#4) On March 26, 2012 at 1:31 PM, Melaschasm (55.93) wrote:

By the end of 2017, the last budget year of the next presidential term, I expect the USA will accumulate another 10 to 12 trillion in debt.  This number could grow much larger if we suffer any more major economic shocks.  An optimisitic projection of total USA debt at the end of 2017 is $25 trillion.

 

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