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Bank of America "Preparing for U.S. Debt Default"

Bank of America "Preparing for U.S. Debt Default"

In a conversation with CNN, Bank of America CEO Brian Moynihan says the company is preparing for possible US sovereign debt default. The financial institution is the second largest bank in the country and is reportedly preparing for the worst regarding Congressional conflict over the nation’s debt ceiling.

Moynihan spoke about the Congressional debate, and specifically how that impacts corporate America. Subsequently, defaulting on the country’s debt remains a very real possibility that entities, like Bank of America, cannot disregard.

In the first few months of the new year, the National debt has reached unprecedented levels. Thus, that development has led to debates on both sides of the political aisle on whether or not the national debt ceiling should be increased before the summer months.

“We have to be prepared for that, not only in this country but in other countries around the world,” Moynihan told CNN. Additionally stating, “You hope it doesn’t happen, but hope is not a strategy - so you prepare for it.”

There is some expectation that President Joe Biden could address the debt ceiling debate during Tuesday’s State of the Union Address. Conversely, US Treasury Secretary Janet Yellen has already expressed a warning over the nation’s debt crisis. Noting the possible default as soon as June, if the ceiling is not raised.

The US government has so over-spent, for so many years, it does not have enough cash on hand to pay its debts AND fund ongoing operations.  If the debt ceiling is not raised by Congress, then the government would only have the cash on hand which comes in each month from things like Payroll taxes.   That __may__ be enough to keeps some parts of the government operating, but it would not be enough to pay off debt - or even interest on the debt.

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# It won't be enough to pay off the thousands of traitors who keep the Deep State going, either :)MissinD60s 2023-02-08 07:51
This sound like nothing more than DS fear-mongering on their fav BS platform: CNN. The Left is trying to paint the Right as the bad guys by forcing at least some level of fiscal responsibility.

We all know the central banks are bankrupt. Whether it collapses on its own. Or, is strategically collapsed by the banks when they feel the time is right, is irrelevant. It's about to die.
+1 # Keep in mind,oldschool 2023-02-08 01:33
The money you put into a bank no longer belongs to you.

https://guardianlv.com/2014/01/money-in-the-bank-no-longer-belongs-to-you/
+1 # PROPHECY: The Punishment of My PeopleSpyGuy 2023-02-07 21:16
PROPHECY: The Punishment of My People

"Tell My people I Am going to destroy them, for they have refused to obey Me. I have given My country into the hands of a wicked administration so that My people may be destroyed through wicked edicts. Already they are destroying the oil industry and through that you will not have the ability to go anywhere to save yourselves. They will hunt you down like wild rabbits and incarcerate you in prison camps because you have refused to obey Me, the Living God. I have told you to go into all the world to preach the Gospel, but so far you have refused. So I will round you up like caged rabbits where they will execute you until I have caused you to be eliminated from the land. The Living God has spoken."
-1 # f the fedrugerwild 2023-02-07 20:55
default on the loan and tell the fed to pound salt screw china before they screw us
start fresh with the dollar all will be good screw the banks
+1 # Start fresh with the dollar ?oldschool 2023-02-08 01:02
The paper dollar is just that, paper. In a short while it will be totally worthless, only good for kindling. Or TP.
+5 # █▓▒░ SMOKE & CINDERS ARE ALL THAT'S LEFT ░▒▓█Palehorse 2023-02-07 16:44
|

Anybody and everybody who accepted the Social Security
contract has signed themselves up to become a “share holder”
in the artificial corporate structure of the UNITED STATES OF
AMERICA Inc. with all capital letters, as in a court document.

As a share holder any and all of your property has now become
an asset of the corporation and is susceptible to redemption to
satisfy the national debt when needed.


____ŽoMßÎËÞLÅÑËT

The illusion of freedom will continue as long as it's profitable
to continue the illusion. At the point where the illusion becomes
too expensive to maintain, they will just take down the scenery,
they will pull back the curtains, they will move the tables and
chairs out of the way and you will see the brick wall at the back
of the theater.”

- Frank Zappa
+2 # RE: █▓▒░ SMOKE & CINDERS ARE ALL THAT'S LEFT ░▒▓█RockyMountainBeerMan 2023-02-07 18:53
.
Heard mention of the US being a corporation since a contract or treaty was signed in the late 1800's.

Have a link to a source?
.
+2 # RE: █▓▒░ SMOKE & CINDERS ARE ALL THAT'S LEFT ░▒▓█oldschool 2023-02-07 22:52
"The 3 City State World Empire"
The Act of 1871 created a separate Corporate Government of the District of Columbia.
I learned about this a few years back. Here is a couple of links, there are more if one digs around a bit.
For Washington D.C. start the video at the 9:00 min position.

https://www.youtube.com/watch?v=7wSEiHgu1hw

https://stopthecrime.net/wp/2018/01/15/3-city-states-that-control-the-whole-world-and-their-rolls/
+1 # 3 City States that control the whole world, and their rollsSnug 2023-02-10 08:28
3 City States that control the whole world, and their rolls

They spelt roles incorrectly, it's not rolls
+5 # The Great Resetwatchmann 2023-02-07 15:55
Its all part of the Great Reset, where you will end up owning nothing, and supposedly be happy about that fact.

Before the Great Reset, comes the Great Crash. Bet on it.

Everyone is prepping us for this coming Great Crash.

Right now we are in the Great CONTRACTION, before the Great Crash/Reset. So many young, working people have died suddenly, or have become disabled and are dying slowly. Either way, they are no longer contributing to the economy. This causes a massive economic contraction (the opposite of economic growth).

There is no one to replace all this lost talent. Illegal immigrants (who are not required to take the kill shots, by the way) can't even speak English. So it is all going to come tumbling down......as planned.
+5 # RE: Bank of America "Preparing for U.S. Debt Default"TexasWolf 2023-02-07 14:41
A US default would have many interesting results. One of which would be the collapse of the American Empire.
+5 # All a gamePavel888 2023-02-07 13:59
We the people are collaterall against the debt of the Corporation called The UNITED STATES. So are Federal Reserve Bank notes. No worries though. Congress will raise the debt ceiling. Watch.
+2 # RE: All a gameShamo 2023-02-07 15:20
FINALLY!! Someone speaking my language. The federal corporation “The United States” will slaughter their chattel (YOU!) as a means of paying off their debts. If YOU aren’t livestock, then you better start acting like it. It’s to late to get out of the system, the time to fight it is NOW!
+1 # it really makes you wonderNZ KIWI 2023-02-07 14:50
why the wef has been so busy destroying e g KILLING OFF COLLATERAL, the collateral theory is totally believable untill it SMACKS INTO THE GEORGIA GUIDE STONES prediction of world pop reduction to one billion??im confused UNVAXED collateral
+3 # RE: Bank of America "Preparing for U.S. Debt Default"hws 2023-02-07 13:47
schon seltsam. Ihr nennt es immer Geld, dabei ist es nur bunt bedrucktes Papier. Der Wert ergibt sich nur deswegen, weil die Menschen daran glauben (wollen). Was ist wenn der Bauer sagt, gib mir etwas Silber, die Scheine will ich nicht. Es würde nicht lange dauern bis verstanden wurde was Geld tatsächlich ist
+1 # RE: Bank of America "Preparing for U.S. Debt Default"TexasWolf 2023-02-07 14:43
Yep. It's just paper. And the proposed digital currency has the same problem.
+5 # I defaulted on them firstjoe@tittiger.com 2023-02-07 12:54
.
Let's just say I have a special love of this counterfeiting fractional reserve bank.


Last year I just walked away from them leaving my credit cards with them to pay off.
+2 # I defaulted on them firstjoe@tittiger.com 2023-02-07 12:54
.
Let's just say I have a special love of this counterfeiting fractional reserve bank.


Last year I just walked away from them leaving my credit cards with them to pay off.
# Good Job!jebman002 2023-02-07 13:02
Proud of yah!
+1 # RE: Bank of America "Preparing for U.S. Debt Default"Eddamnit 2023-02-07 12:40
US territory is the collateral for the US government's debts.
Think about that for a minuet...
+1 # I think we are tooDogsncars 2023-02-07 13:23
I think they count us a that too
+2 # The House of Cardsunixguru24 2023-02-07 12:02
is starting to collapse..
+4 # Defcon 3WilliamtheResolute 2023-02-07 11:42
Something is going to give because the FED is trapped, it's either going to support the economy or the dollar. My money is on the dollar and they will screw the sheep with the goldilocks stock market dead cat bounce. Buy PM's...and Iodine pills.
+2 # How will this effect BOA?ebphoto 2023-02-07 11:42
I’m not a economist & don’t know how this will effect BOA & other banks? If someone could explain what this would do I’d appreciate it. Would the banking system go under & they seize our money to help themselves stay afloat? If that’s the case I sure as heck wouldn’t want to work at a bank because this would push people over the edge! Would it also cause SS & welfare programs to fail? What about the VA benefits some of us get each month. I’m thinking it would but I’d appreciate if anyone could explain it. Thank you!
+3 # TruthFetzer70 2023-02-07 13:05
entitlements like welfare checks and wic, ssi, veterans benefits will go bye bye. banks will take any money you have in them. the stock and bond markets will be gone over nite
# Thanksebphoto 2023-02-07 15:10
Yeah that’s kind of what I thought but wasn’t 100% sure. The articles I found that discussed a default made it sound like those benefits had to be paid due to the law. Very confusing. I really think if the banks took peoples savings etc., the public would go nuts & it would cause serious violence across the country if not an all out war! People are already on a short fuse due to higher prices etc., this would break many. Gerald Celenti says “people who have nothing left to loose will loose it” or something like that! I sure wouldn’t want to work for a bank or be a politician if this happens because they’ll be prime targets for people to take out their frustrations! Thank you for the reply I appreciate it! Let’s pray this doesn’t happen!
+5 # ATM machine,oldschool 2023-02-07 11:31
Went to one of my branch banks yesterday to pull out a little cash. ATM machine all smashed up. (That was in Mitchell S.D.) People getting a little desperate these days are they ???
or maybe just some local no goods looking for drug money ?? Either way its the workings of a desperado. Going to get real ugly out there.
+6 # From debt slaves to an ankle ball and chain system?acturner067 2023-02-07 11:01
The dollar is attached to air and the limit is limitless? The planners have been planning to crash the system when they want it and it will be not a moment sooner. The whole fractional reserve system is nothing more than a fraud. They have been getting other nations to come off the dollar standard so they can bring it down for their slave style digital blockchain system for the whole world to enjoy. So be ready folks they want us all to believe more of their manufactured lies as to why it is happening.
# RE: From debt slaves to an ankle ball and chain system?The Deplorable Renegade 2023-02-07 12:00
how could this affect personal credit and debt?
+7 # prepare guys!Chappyusa1 2023-02-07 10:45
Because if you don't it will be you on sales block!

I think this will start the shooting war within our country.
+3 # Weima republic Germany here soon.gravedigergary 2023-02-07 10:28
Yep, Just like in Wiemar Germany. But, digital currency by WEF coming.
+3 # Also based upon nothingsupporttheblue 2023-02-07 11:33
Digital is a new name for zero backing.
+9 # Goodbye social security too.gravedigergary 2023-02-07 10:26
I have a gut feeling social security will be a goner too or vastly decreased. The gravy train is over folks. Grim reality hitting us all very soon. Prepare while we can.
+1 # RE: Goodbye social security too.RAFO 2023-02-07 13:47
Social Security, along with Military Retirement Pay, and a boatload of other Federal benefits are what is termed “Unfunded Liabilities”. This means they are NOT budgeted expenditures, but tacked on to every annual spending bill as extra unfunded expenses. These are generally (if not always) paid out of debt spending… dollars generated out of thin air.

True, we paid into SS for YEARS (40 in my case), however, during the last seven years I’ve more than recouped that, so what I’m getting now is NOT in the till (those funds were robbed incidentally many moons ago) but being created by debt spending.

Bottom line… in an emergency ALL unfunded liability spending can be cut off or greatly reduced at any time. Get out of debt if you can!
+1 # RE: Goodbye social security too.TexasWolf 2023-02-07 14:48
Quoting RAFO:
Social Security, along with Military Retirement Pay, and a boatload of other Federal benefits are what is termed “Unfunded Liabilities”. This means they are NOT budgeted expenditures, but tacked on to every annual spending bill as extra unfunded expenses. These are generally (if not always) paid out of debt spending… dollars generated out of thin air.

True, we paid into SS for YEARS (40 in my case), however, during the last seven years I’ve more than recouped that, so what I’m getting now is NOT in the till (those funds were robbed incidentally many moons ago) but being created by debt spending.

Bottom line… in an emergency ALL unfunded liability spending can be cut off or greatly reduced at any time. Get out of debt if you can!


The folks who paid in their whole lifetime will get screwed. It may not be a total ending of SS, but it will be dramatically cut.

I am 45 and have always assumed there would be no SS for me when I am in my elder days.
# 2% ROIjoe@tittiger.com 2023-02-07 12:57
.
I think you have missed the point of the farce As was from the beginning.
+11 # What "gravy train"??foldurrrr 2023-02-07 10:59
I paid money into the Soc Sec fund for 50 years dumb mass, Im only getting back what I paid in. Think before you belch out words.
I also served my country in the military, happily. Keep working,maybe you can collect your SS. But it is NOT a given,we earn it.
+4 # Getting back what we paid in ??oldschool 2023-02-07 12:06
When they decide to bring it down you and I will not get a penny more of what we have paid in. In fact they are going to take what we have saved for the years of hard work and then some. They want us dead you know.
Speaking of SS, what about all of that illegal income tax they have stolen from me and everyone else for the past 59 years of my life.
Note I said illegal income tax. Monetarily we have earned nothing but a means to the end my friend.
+7 # RE: What "gravy train"??Dratchev241 2023-02-07 11:44
sorry but the money YOU paid in is already gone, spent by the shitheads in DC.
+2 # Good!mike6972 2023-02-07 10:22
Default would be the greatest thing ever! No more billions for Zelensky. Massive cuts in the warfare/welfare state. Next step is to come up with a plan for paying-down/settling the debt. Trade land for debt. Sell military bases. Shrink our bloated, quasi-totalitarian state. Awesome!
+1 # greatest speech everTurnercom1 2023-02-07 09:59
https://www.brighteon.com/baa98475-ab75-4db6-89c9-c06ed61b516b
+2 # The conventional wisdomSBGlett77 2023-02-07 09:28
.
It's been said for years the U.S. Government will never default; they can always just print money. However, that may not be true in extreme cases like we have before us now.

Printing money when your currency is a debt note entails creating bonds as a contra or counterparty entry. This implies the bonds have a market wanting to buy them. The market for U.S. Treasury bonds is becoming more and more dominated by the Fed and by those governments and banks which perceive their alternative value holdings as weaker than the Dollar. But, bonds held by the Fed and by weak hands must needs be harbingers of hyperinflation. Under those conditions, the fact the Fed can always bail out the U.S. with arbitrary numbers on a bond is small comfort. We are seeing those early signs of bond saturation, selective selling ( badly inverted interest rate curve ), and hyperinflation RIGHT NOW. The sea has changed, and for the worse. When the UST bond curve goes back to normal, or worse, goes flat, that is the critical time in the present context.

That BOA is putting this out in public now is very concerning. Default talk prior to this latest debt overage has mostly been theoretical scare tactics confined to media hype to put pressure on lawmakers.
# RE: Bank of America "Preparing for U.S. Debt Default"Canis Major 2023-02-07 09:20
///
It's all political theatrics.
Those bunch of inbred cock suckers are going to raise the debt ceiling.
They think that by forcing Russia to drop it's knees and suck good o'le American cock and then by harassing China by proxy through Japan, South Korea and the Philippines the dollar will increase in use and thus value.
These retarded shits are only exasperating America's dept .
The American dollar will become as worthless as the German Papiermark which the German people used as kindling to keep warm during the winter, if they ar not careful.
# MOITSsalelbryn 2023-02-07 09:23
Love it,

 

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