May 15, 2009

U.S. To Repudiate Debt

President Barack Obama today used certain words that ought to make the entire planet shudder. He said "The long-term deficit and debt that we have accumulated is unsustainable."(Here)Do you have any clue at all what that means? It means "prepare yourselves, the USA is going to repudiate its national debt." It is the first hint to the world that the USA has reached a point where we can no longer service our debt. It means our country will announce it cannot repay its debts and therefore, it will not.

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