“If you print bonds in your own currency, what happens to the currency will be the question,” said Buffett. “But you don’t default. The U.S. has been smart to issue its debt in its own currency.”
OK, what happens to the currency?
It is not used, the public finds alternatives for trade. Government loses tax revenue faster than it can be replaced, and politicians choose default as the easiest way out.
On what basis do you decide which is the easy way out? You never answered. You assume that the voters have your opinion, they do not, I assure you. Millennials have every motive to default, they want to engineer a better currency.
This is one mistaken prior that Warren Buffet will regret. Warren Buffet does not have the right to coin, it will soon belong entirely to the Millennials.
Both Nixon and Roosevelt default, indirectly using gold, vby the way. We have executed regime changes on central banks frequently. And we actuaslly had a civil war and half of us adopted another currency.
You are full of BS on the Warren, you are a deliberate fraud and you will end up with a Wile E Coyote moment.
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