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July 31, 2011
"Full faith and credit"
The United States have been bankrupt for some time, regardless of accounting: bankrupt like Iceland, Greece, Portugal, Spain, Italy, and Ireland.That is to say, the U.S. federal government has no ability to repay its creditors within any foreseeable period of time. It has been operating upon "full faith and credit," since time out of mind, trading upon a productive reputation from long ago. But America's actual productivity has itself been progressively "outsourced." "Full faith and credit" is something that cannot survive doubt. And we are approaching the point where doubt triumphs. -- David Warren
Posted by Vanderleun at July 31, 2011 1:20 PM. This is an entry on the sideblog of American Digest: Check it out.