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I think the argument here is that we inherited a country which always paid it's debts. If we decide we don't HAVE to pay our debts, then this is a different co
by jhaglund 15y ago
I think the argument here is that we inherited a country which always paid it's debts. If we decide we don't HAVE to pay our debts, then this is a different country, the world will recognize this and we'll find it more painful to borrow.
If we abolish every federal institution citizens depend on (social security, medicare, education, etc.) to pay debts, I think you're asking for a revolution.
- davewiner 15y agoIt's much worse than that. We enjoy a special status with the dollar as the reserve currency. We'd probsbly lose that before we defaulted, just the fact that we were considering defaulting would be enough. And without a reserve currencey the world economy would go into a tailspin. http://en.wikipedia.org/wiki/Reserve_currency http://en.wikipedia.org/wiki/Reserve_currency