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July 13, 2011

The Default Risk

The fact that we are talking about default at all merely proves that default is inevitable eventually. The only question is, what form does the default take and when does it happen.

If the President was really concerned about default, if Congress was really concerned about default, what they would be saying was, don`t worry, there`s no way we will stop making payments on our debt. We will cut everything else first. We will cut Social Security, we will cut Medicare, we will prioritize interest payments and principal payments on the national debt. If they said that then default would not be a risk. - in RT

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Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
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