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Obama Walkout Linked To Debt Panic Ploy?

Obama: “This may bring my presidency down but I will not yield on this”

Paul Joseph Watson
Thursday, July 14, 2011

President Obama’s dramatic decision to walk out of debt talks with Republican leaders yesterday all but confirms Senator DeMint’s claim that the White House is deliberately stalling until the last minute as a ploy to push through a deal on its own terms, relying on stirring panic in a similar vein to how the 2008 bailout was passed on the back of bellicose threats of martial law and economic catastrophe.

Obama abruptly ended a tense budget meeting with Republican leaders by walking out of the room, a Republican aide familiar with the talks said,” according to Reuters.

Obama also reportedly stated, “This may bring my presidency down but I will not yield on this,” a petulant threat that characterizes how the White House has repeatedly resorted to financial terrorism in a bid to scare lawmakers into submission.

Obama, Fed Chairman Ben Bernanke and Treasury Secretary Timothy Geithner have consistently claimed that failure to reach an agreement on raising the debt ceiling would be catastrophic and almost certainly lead to the US defaulting. Republican lawmakers like DeMint, Michele Bachman and Speaker of the House Boehner insist that this is not the case. Yesterday, Bachman said the inevitability of a default was “simply not true.”

The President’s apparent effort to blackmail America into acquiescing to his administration’s agenda prompted Republican Senator Jim DeMint to accuse Obama of “burning the clock” and deliberately fanning the flames of panic to push a deal right down to the wire.

Obama intensified his warning of an economic fallout earlier this week when he told CBS News he could not guarantee that social security checks and other benefits would be paid on August 3. “There may simply not be the money in the coffers to do it,” the President stated.

“That would then entail a kind of ‘Sophie’s Choice’ situation, where you have to decide what bills you can pay,” Jay Carney, the White House press secretary, subsequently stated. “And the fact is, you know, whether it’s Social Security checks or veterans’ benefits or disability benefits, it’s pretty clear that the effect will be significant.”

Florida Senator Marco Rubio lambasted Obama for the provocation, accusing the President of threatening to hold up checks merely “to make his point”.

Former Florida House Majority Leader Adam Hasne also chimed in, labeling Obama’s tactics “shameful” and “a new low for Washington”.

In pursuing such tactics, the Obama administration is mimicking how former Treasury Secretary Hank Paulson was able to intimidate Congress into voting for the 2008 bailout by fabricating lurid scenarios about economic catastrophe and martial law.

In an effort to stampede lawmakers into voting for the bailout bill, Paulson threatened lawmakers with “martial law in America” if the legislation failed to pass.

Senator James Inhofe later confirmed that Paulson told members of Congress the crisis would be “far worse than the great depression” if Congress didn’t authorize the bill to buy out toxic debt, a proposal “which he abandoned the day after he got the money,” added Inhofe, referring to how immediately after it was approved, Paulson announced that the bailout money would not be used to buy up toxic debt but would instead be injected directly into banks like Goldman Sachs, of which he was a former CEO.

Polls have consistently shown that a majority of Americans oppose hiking the debt ceiling. The biggest owners of US debt are the Federal Reserve and China, along with a host of private investors.

Obama’s walkout dovetailed with ratings agency Moody’s announcement that the US could lose its top credit rating if a deal is not reached in the coming weeks. However, a report out of China Daily suggests that the US credit rating would be downgraded even if the debt ceiling is hiked.

“The US’ sovereign credit rating is likely to be downgraded regardless of whether the US Congress reaches an agreement on raising its statutory debt limit,” states the report, with the Dagong credit rating agency’s CEO Guan Jianzhong adding that a US downgrade is merely “a matter of time and extent”.

Emergent Asset Management’s David Murrin also told CNBC yesterday that a US default was “inevitable,” calling the US “an empire which is overextended and in decline”.


Paul Joseph Watson is the editor and writer for Prison He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.

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