How can the US default when the debt is in their own currency???
If I am Iceland and my debt is in US dollars then yes I can default on that debt, because I do not control the US money printing press.
However if I am the US and my debt is in US dollars then how can I default on that when I control the money printing press???
I will just electronically print more money....When it all fails because people have no faith in the US Dollar, a new currency comes in that will be backed by gold and the cycle will start over again, its that simple.
The US will never own up and default on its obligations, they are inflating their way out of debt and will continue to do so regardless of how much the US dollar will devalue over the coming years.
One thing is for sure the working class will get screwed once again.
