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Can this be the United States? | ‘forced into a position of defaulting on its debt’

When you read this, if you ignore the words ‘United States’ this could be an African failed country.

Bernanke warns of catastrophe if debt limit not raised

(Reuters) – Federal Reserve Chairman Ben Bernanke on Thursday issued a stern warning to Republican lawmakers that delays in raising the United States’ $14.3 trillion debt limit could have "catastrophic" consequences.

"Beyond a certain point … the United States would be forced into a position of defaulting on its debt. And the implications of that on our financial system, our fiscal policy and our economy would be catastrophic," he told the National Press Club.

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Written by Colin Henderson

February 4, 2011 at 01:32

Posted in Uncategorized

3 Responses

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  1. Sounds like a bunch of fancy Fed talk obfuscating the truth: “Ponzi scheme.”

  2. The US debt is a ponzi scheme. 10% of US debt is held by the Fed .. they are front running their own debt offerrings.

    Colin Henderson

    February 4, 2011 at 10:50

  3. You could also call it a “scorched earth” policy. Much like a retreating army, they are leaving nothing for whomever comes along next.

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