America could default on its Debts in just 8 weeks

The US government could 'run out of cash' and default in just eight WEEKS says Treasury Secretary Steve Mnuchin as he tells congressional leaders to raise the debt ceiling before recess... Mnuchin is telling Nancy Pelosi and Mitch MConnell that Congress should raise the debt ceiling before leaving for its August recess otherwise the U.S. could default on its debts for the first time ever. In a letter Friday to House and Senate leaders, Mnuchin says that based on updated projections, 'there is a scenario in which we run out of cash in early September, before Congress reconvenes.' Pelosi said on Thursday that she would like to complete a deal with President Donald Trump this month to raise the borrowing limit and set spending levels for the coming budget year. Wall Street continues to get fat on Main Street’s misfortunes. When the mortgage bubble popped in 2008, financiers turned to student debt, packaging and marketing loans as “Student Loan Asset Backed Securities” (SLABS). Over the last decade, as SLABS have become a $200 billion market, the total amount of debt held by American students has more than doubled, surpassing $1.47 trillion. It’s no coincidence that college costs more than twice what it did 20 years ago. Student debt is even more attractive than mortgage debt, because it can’t be forgiven or dismissed through bankruptcy, and its bearers are too young when they sign the papers to fully comprehend that they may never pay it off. Colleges have turned students into “investments” with exploitative income-sharing agreements in which the student agrees to give a percentage of their future income to the school after graduation in order to guarantee loan payback, a model uncannily similar to indentured servitude (and, perhaps unsurprisingly, developed by Milton Friedman). Debtors’ prisons are back with a vengeance, too . SWAT teams and US Marshals are arresting people over unpaid student loan debts and predatory court fee systems have widened the pool of potential “criminals” the state can count on as a renewable financial resource. Broke municipalities are so excited when private prison corporations like GEO Group come knocking that they willingly sign agreements pledging to keep the facility a certain percentage full, offering their citizens up on a silver platter to appease their new corporate overlords. While the fat cat wall street investment bankers revel in their ill gotten gains courtesy of our corrupt government , what do the youth on main street America have to look forward to? . Millennials and Generation Z are confronting an even wider gap than the previous generation between their expectations . The Shining City on a Hill unironically insists the US is, the example the rest of the world supposedly envies and wants to emulate . But in reality ,More than ever, Americans coming of age are finding it impossible to square the crippling debt, decaying infrastructure, impossible expenses, and absence of basic services that characterize their own experience with the propaganda they’ve internalized since their first day in school. And If the Market goes down, it will be to strip pensions and 401K's , certainly not the rich one percent . This was The Atlantis Report . Please Like . Share . And Subscribe . Thank You ....

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