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19 June, 2010

Why the United States Will Default on Its Debt

Steve Quayle : "It is clear to me the issue of a United States debt default is not a fringe topic anymore. Even two or three years ago, if you brought the subject up you would consigned to the outer limits of acceptable economic views. In fact, you would have been viewed as the economic version of someone who thought the earth was flat. This is no longer the case. Since the Obama administration seems intent on running 1.5 Trillion federal deficits yearly, reasonable people can safely ask 'How does the USA intend to pay this debt off?' Given the recent comments by Chinese officials, as well as the less than stellar performance of recent US Treasury bond auctions, it would seem a US government debt default is causing concern. Being a long standing howling voice in the wilderness on debt issues, I am glad others are finally starting to see what I saw several years ago..."

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