Sunday, October 09, 2011

Should the U.S. Default on Its Debt?

International economist Dambisa Moyo examines the notion that the United States should deal with its rapidly escalating debt by simply refusing to pay it off. Although Moyo regards default as an option of last resort, she notes that it wouldn't be one without precedent: "The idea that big countries never default... is something that is not true."
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