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Obama’s Plan? Second Verse, Same as the First

Everyone in the MBM keeps treating August 2 as Judgement Day; that if no deal on the debt ceiling has been reached by then, America automatically goes into default and the gates of hell swing open and DOOM! engulfs the nation’s (nay, the entire global) economy.

Which is, of course, complete bullshit.

Don’t take my word for it; look at how the debt markets are acting as of this morning. (Ignore the stock markets’ machinations; those clowns get spooked (or giddy) too easily to be taken seriously.)

The boys who deal in Treasuries don’t seem to believe there is any threat that the Feds would fail to meet their debt service obligations, and also don’t seem to give a damn what the already discredited S&P and Moody’s schmucks threaten will happen to Uncle Sam’s credit score if their wishes are not met. (My old buddies at Comex, however, are not acting as sanguine.)

The fact is that the Treasury takes in enough revenue to meet its debt obligations in the short term, though some “non-essential” federal money holes might need to be temporarily put on hold, while a deal on the debt ceiling finally gets hammered out.

Unfortunately, the Treasury traders don’t remember just what brand of scumbag our current President (and his lackey, Turbo Timmah) represents. If past is prologue–and I believe that trope is true–I don’t think Obama will sign anything that might hit his desk on (or before) Judgement Day. He wants havoc come dawn on August 3.

Remember: “You never let a crisis go to waste.” That time, the crisis was delivered; this time, I believe they want to create it, and they don’t give a damn who gets screwed in the aftermath.

I base this belief in the fallout of the GM/Chrysler implosion. Who got screwed in the auto bailout? The creditors. Why? So Obama could profit politically by paying off his UAW cronies. This guy looks at everything through a political lens, and he’s shown that the only thing he’s concerned with now is getting re-elected in 2012.

Why else insist any deal must expand the debt ceiling enough to cover out to January 2013, and announce he will veto anything that falls short of that demand?

Simple: he wants this off the table for the 2012 campaign. His entire campaign strategy for the coming battle is going to be to crucify whoever the GOP eventually chooses as his opponent as some wild-eye right wing extremist, because he can’t run on his own, dismal record.

If August 2nd comes and no deal has been done, the USA does not automatically go into default… unless Obama tells Geithner to stiff America’s creditors.

The result; The Treasuries markets go batshit, the dollar gets hammered, Wall Street goes into meltdown mode and Granny doesn’t get her SSI check…

and Obama–and his MBM acolytes–lays the entire blame at the GOP’s feet.

BINGO! Obama wins re-election, the GOP gets routed in the 2012 House and Senate races, and Teh Messiah, unfettered, completes his transformation of America into a European-styled social democracy… even though the countries whose model he loves are crashing and burning right before his eyes.

He’s thinking like all the neo-Marxist fuckwits before him that academe has eternally puked up: “The other guys (Soviets, Castro, “fill in the blank”) who’ve tried it did it wrong; I know how to do it right.”

God help us all if he pulls it off.

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