Worldwide Debt Spiral with James Lavish (WiM294)
The "What is Money?" Show
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The Debt Ceiling and CreditDefault Swaps
Brett Hondrais: The problem is this unrestricted capacity of the US government to borrow. He says there's no democratic mechanism at all, it's just they decide how much money they need. And now default can be a lot of things; you don't have to go bankrupt. You just have to miss a payment,. All right? Yeah. So, what we're seeing here is that there's a showdown and it's an increasing likelihood that we will miss a payment on our debt."
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