Secretary Tim Geither Letter to Congress
The End Is Near…
When people like friends, family and colleagues say that we are doom and groomers, what they do not understand is the reality of what we face, the financial cataclysmic reality of what the USA is facing that will sprawl out to affect us all.
As a case in point, Secretary of the U.S Treasury Tim Geithner sent a letter to the U.S Congress on the 6th of January 2011, addressed to the Honourable Harry Reid, Majority Leader, United States Senate, the letter makes comments such as:
I am writing in response to your request for an estimate by the Treasury Department of when the statutory debt limit will be reached, and for a description of the consequences of default by the United States.
Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States.
Even a very short-term or limited default would have catastrophic economic consequences that would last for decades. Failure to increase the limit would be deeply irresponsible. For these reasons, I am requesting that Congress act to increase the limit early this year, well before the threat of default becomes imminent.
-Tim Geithner Secretary of the US Treasury
What is critical to understand in this letter is that Tim Geithner is saying that when the USA reaches the national debt limit, that was just raised not very long ago, somewhere around March of 2011the limit would still need to be raised to make it possible for the government to avoid default and to meet the other obligations established by Congress.
The Treasury Secretary of the USA just said that if they do not get another 1 TRILLION or so dollars by March 2011 that the USA will begin to default on its debt obligations.
These remarks are extremely serious and should be understood for what they are!
The scary thing is, according to Tim Geithner and many supporters of raising the USA debt ceiling, borrowing more money is the ONLY solution available to the USA from this point forward and there is no other way out of it.
In essence when you look at what is being said here, every single person, your friends, your family you colleagues, the people that you care about need to understand what is happening here.
So now is the time, this may be the last chance that you have to seriously begin to…
Protect Yourself by Buying Silver Bullion.
Just so you can see that this is deadly serious here is the letter that Tim Geithner wrote to the Congress on the 6th January 2011.