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Faber: US Will Default

February 10, 2010

Here’s to some comical relief (we hope). Marc Faber on CNBC projecting most governments will default, including the US, though he conveniently left out a time frame in his statement.

My thoughts are that if we’re going to default, might as well do it now while we still have the superior military rather than wait. But let’s not default on the Chinese, we need them to continue to produce and send over our daily necessities.


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Comments
LC Chase February 11, 2010


I am familiar with Mr. Faber and his "Gloom, Doom and Boom" philosophy but let's be real here. I think Mr Faber is just trying to sell some newsletters. Shocking headlines sell and that is quite a statement for anyone to swallow.

I am an optimist at heart, but not stupid. We are in the weeds for sure and it's going to be tough going for a few years but the US cannot and will not default on it's debt. The world can't allow it, and we as a Nation won't do it. It would end our Economy as we know it. We will come out of this a little bloody and cut up but we will get through this.

I bet in the middle of the Great Depression everyone said the same thing….we through, it's over, throw in the towel. Glad we didn't do it then and we won't do it now.

joshua February 11, 2010


caught this yesterday and it was hilarious. especially the colletive "woah. woah! WOAH!!" from the cnbc anchors. i dont disagree with the premise faber has. that being that shit essentially rolls up hill in this instance with the most powerful countries having to bailout the weaker ones and eventually the only debt worth anything (and greatly expanded due to bailouts) is the US. at which point we have significantly more debt than gdp and we go under too. reality is that over 3-5 years our debt service is going to put us in a helluva predicament.

the one thing i will say though is that us default is "technically" not able to happen under our constitution. we would be forced to print money and pay people off, unless we just toss that piece of paper out, or amend it. anyway, we need to stop the debt binge as soon as possible. weve saved the day. now its time for some people to feel some pain as we dig out of this mess.

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