Thursday, July 28, 2011

Federal Reserve Prepares for Financial Default By United States of America!

This blog post is neither sponsored nor commissioned by the Fed!

Please note that this story about the Federal Reserve preparing for a U.S. default is from a week ago, so it shows that the Federal Reserve had little hope that our political leaders would reach an agreement on the debt ceiling. As of this writing, the lawmakers have not reached an agreement on the debt ceiling.

Nevertheless, this is just like a WWE match where it's all about suspense and drama! I still believe that the lawmakers will reach some last minute B.S. deal to avoid having a default occur on their respective watches, but anything is always possible.

As the wrangling over the U.S. debt ceiling continues in Washington, the Federal Reserve is making preparations in the event that Congress and President Obama fail to reach an agreement by the August 2 deadline...

"We are in contingency planning mode," Charles Plosser, president of the Philadelphia Federal Reserve Bank, told Reuters...

Source: globalpost

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