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Come on. The federal debt is >$40,000 per person, and that's not including unfunded liabilities. At the worst, a municipal level government can have an orderl
by mynameishere 14y ago
Come on. The federal debt is >$40,000 per person, and that's not including unfunded liabilities. At the worst, a municipal level government can have an orderly bankruptcy that causes no systematic damage. When the treasury market finally crashes, the entire world is going to look like an exploding hemorrhoid.
- khuey 14y agoThe difference is that the treasury market never has to crash because the feds can print money. A municipal government, on the other hand, has to live under the law of "what goes up must come down".