Comment: He is there to argue for austerity for the people.

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He is there to argue for austerity for the people.

The "debt" ceiling is not really debt. It is sovereign debt which is the money supply created by the government. There is no collateral for that debt other than the FED's assets which is Gold.
The debt ceiling has to be raised substantially because money is not being created by the banks through people taking out loans. So the government has no choice but to borrow more money every year or the ponzi scheme will collapse.
The only question is as the government borrows more money into existence who gets that money. Cruz has the people confused and arguing between each other about austerity. So he is framing the debate between austerity for different people to save the banks. The truth is if the money has to be printed (borrowed into existence) by the government, and it does, it should go to the people, not corporate welfare.
He only argued for obamacare repeal/defund for tea party street cred. He was never going to defund or repeal.

Remember sovereign debt is not private debt. Totally different. It's part of the money supply.

Gold will rise to balance the FED's books for all the losses, it's the only way out.