07-24-2011, 01:39 PM
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The People's Post
Industry Role:
Join Date: Dec 2008
Location: invisible 7-11
Posts: 63,941
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so ronnie paul says
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If the government defaults on its debt now, the consequences undoubtedly will be painful in the short term. The loss of its AAA rating will raise the cost of issuing new debt, but this is not altogether a bad thing. Higher borrowing costs will ensure that the government cannot continue the same old spending policies. Budgets will have to be brought into balance (as the cost of servicing debt will be so expensive as to preclude future debt financing of government operations), so hopefully, in the long term, the government will return to sound financial footing."
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bull fucking shit.
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