Debt Ceiling

Great Expectations (Not)

This is what happens when societies (and individuals) can’t face the true quandaries of a particular moment in their history. All of their attention gets channeled into fantasy: spooks, sexual freakery, conspiracies, persecution narratives, savior fairy tales. It’s been quite a cavalcade of unreality for the past six months, with great entertainment value for connoisseurs of the bizarre - until you’re reminded that the fate of the nation is at stake.

This Is The Only Chart Americans Should Be Worrying About Right Now

While the stock market (and VIX) signal utter calm, signs of stress are very clear in America's money markets. With Treasury's cash balance plunging to just $108bn this week as the debt ceiling deadline looms, newly ensconced Treasury Secretary Steven Mnuchin will be forced to order “emergency measures” to effectively buy more time for the government to pay its creditors and cover revenue shortfalls to keep the government operating.

America Has A Hole In Its Head

We need a new civil war like we need a hole in the head. But that’s just it: America has a hole in its head. It’s the place formerly known as The Center. It didn’t hold.

Stockman: "After March 15 Everything Will Grind To A Halt"

"I think what people are missing is this date, March 15th 2017.  That’s the day that this debt ceiling holiday expires. We are burning cash at a $75 billion a month rate.  By summer, they will be out of cash.  Then we will be in the mother of all debt ceiling crises.  Everything will grind to a halt."