By John Galt
July 27, 2011
David Geen, general counsel at the International Swaps & Derivatives Association was on Bloomberg’s “The Pulse” yesterday and what he had to say was very disturbing but in my opinion a non-event. I find it highly unlikely that the U.S. will miss a debt payment or fail to service the debt any time in the near future. The only exception would be a deliberate act by the administration to drive a political stake into the heart of the economy and gamble that by creating a crisis so severe they could seize even more power for the Federal Reserve and Executive branch so as to nullify any influence or control the Republican Party may thought they held via the legislative process.
Click on this link below to watch the video via YouTube: