Cincinnatus BLOG *** Political Commentary - Social Commentary

  Through coercion and fiat His Royal Highness (HRH) Obama has forced the senior-secured lenders to take a secondary position to unsecured lenders in the "pre-packaged" Chrysler-FIAT bankruptcy plan. President Obama characterized the 20 or so lenders who were opposed to the plan as "a small group of speculators". His left wing "nut job" ally Representative Dingell characterized them as "vultures" and warned that they "will be dealt with in court". Their crime one can only assume is being moneylenders, but they are not the ones on trial. Until this week senior secured lenders, those that held a contract that gave them first lien on a companies assets, had a preferential position in any bankruptcy proceeding unless of course they "voluntarily" give up that right. HRH Obama has by simple royal fiat… Continue reading | 7 Comments

  The road to insolvency is paved with red ink. How can the United States become insolvent? Easy, just add the Obamanomics deficits, as laid out in the President's ten-year plan, to the existing $11 trillion national debt and it will not be long before the US is unable to meet its financial obligations. Presently, debt held by the Social Security Trust Fund and other governmental agencies is $4.4 trillion, plus the remainder of the debt (owed to citizens or "foreign" owners) is $6.6 trillion. Approximately 50% of US debt is owed to foreigners, up from 31% in 2000, and this debt will undoubtedly continue to climb. If China and other foreign creditors lose their appetite for US debt, the result will be catastrophic for the dollar… Continue reading | 7 Comments