Sat. 12/06/16 17:42 EDT
.post #168
[url=What would happen if the US defaulted?]
One answer is: The US has defaulted, by continually running deficits that are financed by continual creation of new credit. The consequences look like what you see now: A large and growing poverty class, the shrinking of the middle class, an elite class grown fat on government largesse, speculative bubbles and busts, the shrinking of manufacturing, growing demands of “entitlement,” a police state, growing prison/industrial complex, an out-of-control military-industrial-warfare complex, and government of the corporation, by the corporation, for the corporation, to name a few.
Of course, there are other ways to default, but the state’s modus operandi seems to always frequently be to socialize the costs/losses and privatize the benefits/profits.