Individuals are to rely on mortgage default and personal bankruptcy to escape their individual debts, while the government relies on inflation ito wipe out the national debt.
http://www.miamiherald.com/news/front-page/story/974356.html
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Actually, I'm counting on Obama's inflation to wipe out my mortgage debt. :)
It will wipe out my cash / bonds savings but they're smaller than my mortgage debt... a lot of my savings are in things that will rise in value along with inflation...
Anyway, that’s the bright side. Overall, yes, it will be a mess... the US economy will probably be pushed from its world leadership role (re: the use of the dollar as the reserve currency) and our national wealth will take a dive as a result…
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