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Edited on Sat Jul-10-10 11:38 AM by kenny blankenship
They can't just print Drachmas or whatever to pay off foreign creditors. They're not in the position of the US govt, of owning the world's reserve currency.
We should be thanking Greece, too, by the way, because the only thing we have going for us right now in this financial mess is the instability of the Euro brought on by private sector chicanery and hyper-leverage driven collapses in Iceland, Ireland, Spain, Portugal and and the public sector chicanery of Greece. That makes otherwise sane people in the world want to hold our dollars, when they know that these US debt obligations can only be paid off with more US debt obligations.
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