EagleTribune.com, North Andover, MA

Opinion

October 9, 2013

Letter: Debt ceiling standoff threatens financial disaster

To the editor:

The political bar fight we are engaging in, may not turn out very well for everyone involved. Our country has weathered everything from minor squalls to major storms but make no mistake, we are truly getting ready to bring down the whole financial monetary system of the entire world.

Actions have consequences, and the games being played by our own House of Representatives could make the stock market crash of 1929 look like a day at the beach. When ideological differences refuse to see reality, we are all in for a very rough ride to an economic disaster.

The debt ceiling is not some quaint suggestion but a true and solid foundation and guideline for currency used throughout the planet. Euros, pesos, pounds, yuans (China), rubles and the yen are based on the value of our dollar. Just the mention of a prolonged squabble over the raising of the debt ceiling, sends horrific shockwaves through the major financial institutions on all seven continents.

The crash of 1929 caused the stock market to lose 90 percent of its value while real wages dropped over 42 percent and unemployment rose to 26 percent. When tea party congressmen flex their muscles and threaten the established Republican Party, without any idea of the destruction they are inflicting on our financial well-being, it is high time for the the adults to take over.

Mr. Speaker, I know there is courage and integrity in you heart. Now is the time to show it.

Robert Burdin

Methuen

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