Prospects of USA economy defaulting on its debt reach in high level academia

Posted on March 18, 2011

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Source: FORA.tv – Dambisa Moyo: How the West Was Lost.

A thought provoking presentation by acknowledged economist Dambisa Moyo (follow the source link for video lecture on Fora.tv site) that seriously argues for possibility that USA’s current debt crisis can end up with only possible solution- namely default. As presented in lecture country defaulting¬† on its debts isn’t an unusual event in history- it has happened time and again but it has always stricken the general public as a total surprise.

The possible consequences: the layman and middle class is hit the hardest way. The super elite 5% of society usually knows how to protect their wealth but the wealth of general public of society has been and will be in big part wiped out. To me it strikes a total hypocrisy that the treasury bill of country in state of default in waiting are rated AAA. If this is not a deliberate misinforming of the wider public what it is then???

 

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