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Politics : President Barack Obama
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To: tejek who wrote (113857)5/18/2012 9:25:29 AM
From: RetiredNow  Read Replies (1) of 149317
 
When countries have this much debt, there is only one solution. Debt default. It can come as a shock and a hard default through stopping payment. Or it can come softly and in a controlled manner through debt forgiveness or currency inflation. Either way, I guarantee you debt default will come.

The same goes for the US. We will never pay off the $15 trillion in recognized debts and the $60-70 trillion in unrecognized Entitlement debts. We simply don't have the money to do so. We are already engaging in debt default via currency devaluation/inflation. It's not a bad way to do it. Greece is going to have to get that opportunity too, unless the Europeans are willing to outright forgive their debt. I doubt they will though. These bankers are a very criminally greedy bunch as we've seen repeatedly. So I think the more likely outcome is outright default by Greece and an exit from the Euro if that fails to make an impression.
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