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I hesitate to post this, as I question to quality of the source. However, it is still interesting enough that I thought that it may be good for a laugh or the patented “anti-spin”.
The source is Wayne Madsen who is runs a Washington DC rumor website. If this is unfounded bunk; I'm trying to figure out what his agenda is.
The point that stuck me odd in the article is why would the US unilaterally cancel its debt when it can just inflate the debt away? The article also states "if the United States defaults", however, the US will never default; the debts will get paid with increasingly worthless dollars (as noted by iTulip). I suppose we could have a situation where there is not a default in fact, but a default in good faith if we hyper-inflate our way out over months, rather than decades.
The source is Wayne Madsen who is runs a Washington DC rumor website. If this is unfounded bunk; I'm trying to figure out what his agenda is.
http://www.waynemadsenreport.com/articles/20080403
Confidential document said to warn of conflict or revolution ahead for America
April 3, 2008 -
WMR has learned from knowledgeable sources within the US financial community that an alarming confidential and limited distribution document is circulating among senior members of Congress and their senior staff members that is warning of a bleak future for the United States if it does not quickly get its financial house in order. House Speaker Nancy Pelosi is among those who have reportedly read the document. The document is being called the "C & R" document because it reportedly states that if the United States defaults on loans and debt underwriting from China, Japan, and Russia, all of which are propping up the United States government financially, and the United States unilaterally cancels the debts, America can expect a war that will have disastrous results for the United States and the world.
"Conflict" is the "C word" in the document
The other scenario is that the federal government will be forced to drastically raise taxes in order to pay off debts to foreign countries to the point that the American people will react with a popular revolution against the government.
"Revolution" is the document's "R word"
The origin of the document is not known, however, its alarming content matches up with previous warnings from former Comptroller General David Walker who abruptly resigned as head of the Government Accountability Office (GAO) in February of this year after repeatedly publicly warning of a "financial meltdown" disaster if America's $9 trillion debt was not addressed quickly. Financial experts have warned that the national debt, corrected for inflation, could reach $46 trillion in the next 20 years. A month earlier, Walker warned the Senate Banking Committee about the reaction of creditor nations in Asia and Europe if the U.S. did not address its debt problem.
Confidential document said to warn of conflict or revolution ahead for America
April 3, 2008 -
WMR has learned from knowledgeable sources within the US financial community that an alarming confidential and limited distribution document is circulating among senior members of Congress and their senior staff members that is warning of a bleak future for the United States if it does not quickly get its financial house in order. House Speaker Nancy Pelosi is among those who have reportedly read the document. The document is being called the "C & R" document because it reportedly states that if the United States defaults on loans and debt underwriting from China, Japan, and Russia, all of which are propping up the United States government financially, and the United States unilaterally cancels the debts, America can expect a war that will have disastrous results for the United States and the world.
"Conflict" is the "C word" in the document
The other scenario is that the federal government will be forced to drastically raise taxes in order to pay off debts to foreign countries to the point that the American people will react with a popular revolution against the government.
"Revolution" is the document's "R word"
The origin of the document is not known, however, its alarming content matches up with previous warnings from former Comptroller General David Walker who abruptly resigned as head of the Government Accountability Office (GAO) in February of this year after repeatedly publicly warning of a "financial meltdown" disaster if America's $9 trillion debt was not addressed quickly. Financial experts have warned that the national debt, corrected for inflation, could reach $46 trillion in the next 20 years. A month earlier, Walker warned the Senate Banking Committee about the reaction of creditor nations in Asia and Europe if the U.S. did not address its debt problem.
The point that stuck me odd in the article is why would the US unilaterally cancel its debt when it can just inflate the debt away? The article also states "if the United States defaults", however, the US will never default; the debts will get paid with increasingly worthless dollars (as noted by iTulip). I suppose we could have a situation where there is not a default in fact, but a default in good faith if we hyper-inflate our way out over months, rather than decades.
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