What If the U.S. Treasury Defaults?
May 15, 2011 Erie events

“A financial crisis is surely going to happen as big or bigger than the one we had in 2008 if we continue to behave the way we’re behaving,” says Stanley Druckenmiller, the legendary investor and onetime fund manager for George Soros. Is this another warning from Wall Street that Congress must immediately raise the federal debt limit to prevent the end of civilization?

No—Mr. Druckenmiller has heard enough of such “clamor and hyperbole.” The grave danger he sees is that politicians might give the government authority to borrow beyond the current limit of $14.3 trillion without any conditions to control spending.”

Mr. Druckenmiller said the above in his his interview with James Freeman, the importance of getting our fiscal house in order in the near future.

Read on at the Wall Street Journal



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