US government plays chicken; but they just need to cut their heads off instead.
Are we really at risk of default because we’re finally fighting off the oh-so-common urge to raise the debt-ceiling, jeopardizing the future of public budgets and deficit spending in the US?
The President says a temporary increase in the debt ceiling - one that would last about 6 months - is just kicking the can down the road. Really? Then I must ask: what do you call what the government’s been doing for the last, oh, 30 years or so?
The real problem is not extending the debt ceiling. It isn’t even reining in current big-government spending (as this merely amounts to taking away a couple cases of beer from an alcoholic while leaving him with a full keg).
The problem is a culture of debt brought on by the existence of the Federal Reserve and the fractional reserve banking system.
No new recommendations or adjustments.
See the technical set-up for the new positions in CORN and IAU.