The Four Debt Ceiling Possibilities

ZERO HEDGE November 26, 2012 An extended excerpt from Bill Buckler of The Privateer The Four Major Possibilities For 2013 There are four likely “scenarios” for what will happen when the US Congress - and the president - come up against the limit to the Treasury’s credit card sometime in the first quarter of 2013. The first one is the most obvious. They could simply abolish or “repeal” or draw a line through the legislation which set up the debt limit in 1917. There is no shortage of eminent US historians, economists, captains of industry, politicians, legal scholars, bankers, investors and others from all walks of life advocating this procedure. If the US Dollar was not the world’s reserve currency and US Treasury IOUs were not the world’s preferred holding of reserves behind their own currencies and financial systems, the Treasury’s debt limit would have been done away...