America’s Default On Its Debt Is Inevitable (Oct 2013)

debt_default

Source: Washington Post: America’s default on its debt is inevitable

Notable excerpts:

“There is precedent for a government shutdown,” Lloyd Blankfein, the chief executive officer of Goldman Sachs, remarked last week. “There’s no precedent for default.”

How wrong he is.

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A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall (Oct 2013)

economic_collapse

Source: Bloomberg – A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall

Notable excerpt:

Anyone who remembers the collapse of Lehman Brothers Holdings Inc. little more than five years ago knows what a global financial disaster is. A U.S. government default, just weeks away if Congress fails to raise the debt ceiling as it now threatens to do, will be an economic calamity like none the world has ever seen.

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U.S. to Default If Debt Ceiling Not Raised (Oct 2013)

Debt_Ceiling

Source: Bloomberg – U.S. to Default If Debt Ceiling Not Raised, Lew Says

Notable excerpts:

Treasury Secretary Jacob J. Lew said Congress needs to pass a debt-ceiling increase by Oct. 17 or the U.S. will be “dangerously low” on cash and risk defaulting on its payments.

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