Geithner Finally Shows His Hand: 'We Will Unveil Our Secret Plan To Prioritize Debt Payments Before August 2nd'

It was only a matter of time until the truth came out.  There will be no default despite the forget-about-your-Social-Security-checks Obama fear mongering from last week.

Treasury says tonight:

• "As we get closer to August 2nd, Treasury will indeed provide more information on how we would operate without normal borrowing authority if the debt ceiling isn't raised."

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Not a surprise to DB readers, as we reported earlier from FBN's Charlie Gasparino:

Gasparino: Obama Strikes Fear Into Americans With Social Security Threats While Privately Reassuring Wall Street That There Will Be NO DEFAULT If Aug. 2 Passes Without Deal

Comments

[ain't bullshitt'n]

Look at Timmy...he's scared to death. "O" just told Timmmmay quit showing fear cuz it's scaring the Sheeple and to quit pissing on the White House Carpet...if he wanted to be a chicken shite to head to Wall Street...cuz this things gonna get bumped and the Fed's gonna pump....PERIOD....AB

[Michael Rivero]

The American people, via Social Security, own about 20% of the US Government debt, more than China, and more than Saudi Arabia. But the American people are the one creditor the US Government can default on (government-speak for "screw") without triggering a credit downgrade or a drop in the dollar.

In short, the American people will be the lowest priority on the list, and Geithner will "operate without normal borrowing authority if the debt ceiling isn't raised" by defaulting on the debt owed to Social Security.

[DailyBail]

He will be annihilated if he chooses that path, Mike. Fucking annihilated.

[Stan]

They can't exactly cut social security without it effecting the economy either. This country is propped up by socialism, there simply isn't a manufacturing base anymore. If people don't get their checks, they can't consume, and the economy suffers just the same as it would if we lost our AAA rating. The elite have painted themselves in a corner. The only why out is to continue to print until the dollar has been devalued enough to where it is economically viable to manufacture things in this country again. Of course that means that we lose the reserver currency status, and the wars/empire is over.

[dan]

a true terrorist would have taken dc out on 9/11...yet all the bozo,s responsible for our demise are still running around dc doing their damage..makes one wonder..till you read bix weir.road to roota...hmmmmm

[Dwayne]

It would appear that sane citizens are on to the fear mongering tactics of Crime Syndicate Inc.

[DailyBail]

You are correct Stan. Well said.