^{Originally published on OpEdNews}

The United States Government and its presstitute media have wasted time and energy creating hysteria over a non-existent debt ceiling crisis. After reading the news in the Ministry of Propaganda and witnessing the stupidity of the US government, the rest of the world is struck dumbfounded by the immaturity of the world's only superpower.

What kind of superpower is it, the world wonders, that is willing to go to the eleventh hour to convince the world, which holds its banking reserves in US Treasury debt, that the US government will default on the debt?

Every country in the world now worries about the judgment and sanity of the country with the largest nuclear arsenal in the world.

This is the achievement of the Republicans, who took an ordinary commonplace increase in the debt-ceiling limit, an event that has occurred routinely many times over the course of my life, and turned it into a crisis threatening the world financial system.

To be clear, there was never any risk whatsoever of US default, as President Obama has power established by President George W. Bush's Presidential Directive 51 to declare default a National Emergency and to set aside the debt-ceiling limit and Congress' power of the purse, and to continue to issue the debt necessary to fund the US government and its wars.

That the American press ever took this highly-hyped "crisis" seriously merely demonstrates their prostitute status.

The financial media has almost completely ignored the massive rebound in oil prices this year.

(CNNMoney.com) -- Oil prices have vaulted above $78 a barrel this week as investors continue to fret about a weak dollar and the pace of the economic recovery.

When the news media has mentioned oil they've tried to paint it as a good thing - expected demand from a booming economy. Of course the general economy is not booming, or doing much of anything for that matter.

The saying goes "a picture tells a thousand words". If that's true then these charts I'm about to show you tell a huge, scary novel.

Let's start with this one.

Reversing its role as the world’s fastest-growing buyer of United States Treasuries and other foreign bonds, the Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released during the weekend by China’s central bank.
Mr. Wen voiced concern on March 13 about China’s dependence on the United States: “We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.”

In 1971 America had a currency crisis. Other nations had stopped accepting our paper dollars as payment for our debts and were demanding gold instead. The problem was that America didn't have enough gold to cover the massive debts being run up because of the war in Vietnam.

What did we do? We simply defaulted on our debt by repudiating the promise to back our currency with gold. The situation was epitomized by Nixon's Treasury Secretary John Connally, when he responded to the complaints of 29 trading and banking allies:
“It may be our currency, but it's your problem.”

37 years of massive budget and trade deficits later it is still our currency and it is still someone else's problem. However, every game must someday end. Eventually the costs of playing the game become so great that the benefits of not playing become attractive.
The world is now approaching a point where it is being forced to make a choice.