"Let’s get this straight. The United States government CANNOT default on its obligations without some sort of mental lapse from Congress. The government is the sole supplier of the sovereign currency. The government has a monopoly on money & carries NO foreign currency denominated debt. If they have fiscal problems they simply print more. They press a button on a computer and magic money appears in an account. That’s literally how it works. The US government is not a household or a state. They are not Greece who does not print their own currency. It’s ENTIRELY different.......
Now don’t get me wrong. I’m not implying that money printing (or whatever you want to call it – “button pressing” is fine by me) is good. I have long maintained that our debt problems cannot be solved by pressing a button. In fact, they are likely to make matters worse in the long-run. The deficit and the government debts are not sustainable as they are potentially a risk of more horrendous inflation and mal-investment,,,,,,,,
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