Wednesday, November 12, 2008

Chronicles Of Depression 2.0: #388: US-AA?

US May Lose Its 'AAA' Rating
The United States may be on course to lose its 'AAA' rating due to the large amount of debt it has accumulated, according to Martin Hennecke, senior manager of private clients at Tyche.

"The U.S. might really have to look at a default on the bankruptcy reorganization of the present financial system" and the bankruptcy of the government is not out of the realm of possibility, Hennecke said.

Emphasis added by me.

This is not the first time a national bankruptcy has been mentioned.

I'd like to see an article that addresses the possible ramifications of that.

I don't think any American would be able to travel outside our own borders after that.

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