Good News: It's Almost Over After Pelosi Says Congress Looking At "Two-Tiered" Deal [Zero Hedge]

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Violent Rhetoric
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Good News: It's Almost Over After Pelosi Says Congress Looking At "Two-Tiered" Deal [Zero Hedge]

I think most of you read Zero Hedge but here is a thread for comments for those not registered over there. Me thinks 3 month extensions should be bad for fiat and good for metals if indeed we do get 300 more in debt with no spending cuts. I think the trend is our (PM's) friend.

http://www.zerohedge.com/article/good-news-its-almost-over-after-pelosi-says-congress-looking-two-tiered-deal

Alas this now appears to be a mirage: at best the Republicans will agree to a $200-300 billion extension to get the Treasury through for another 2 months (although at the delayed run rate, Geithner needs to issue $350 billion in debt right now just to catch up with where bond issuance should be).

Edited by admin on 11/08/2014 - 06:05

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Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.

This is known as “bad luck.”
~ Robert Heinlein

Violent Rhetoric
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Alas I can't edit the opening

Alas I can't edit the opening post so here goes...

Me thinks 3 month extensions should be bad for fiat and good for metals [not necessarily short term but medium term] if indeed we do get 300 more in debt with no spending cuts. I think the trend is our (PM's) friend. Ha, but what do I know - I would love to hear an opposing view if you have it.

I saved a little power in the hopes for a pull back on Monday or Tuesday when we get an announcement.

UPDATE: Maybe there are some cuts in the short term deal...

http://www.washingtonpost.com/business/economy/no-hints-of-breakthrough-in-white-house-debt-talks/2011/07/23/gIQAdDxKVI_story.html?wpisrc=al_national

Top Republican aides said Boehner envisions a short-term extension of the debt limit that would include spending cuts that meet or exceed the debt limit increase. That would be paired with a strategy for finding additional savings. Options include a new super committee of the sort proposed by Senate Majority Leader Harry M. Reid (D-Nev.). Another option would be to tell existing legislative committees to make policy changes over the next few months aimed at meeting the savings targets.

__________________

Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.

This is known as “bad luck.”
~ Robert Heinlein

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