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Originally posted by johnny2127
Originally posted by computerwiz32
I have a friend that called me yesterday. He works at the new york federal reserve bank as a accountant.
What I was told was that the U.S gov will become 100% broke by june 25th.
What the means is that we will be getting loans from different countries 100% which means we can't pay back. Before we did borrow money from other countries but were able to pay back some of it over some time. Now we will not be able to pay back any of it.
If this actually did occur and your friend said this, they are wrong. Yes our dollar is screwed, but to be completely broke and working 100% on loans one of two things would need to happen:
1) The govt would have to not take in an tax revenue
2) The tax revenue they take in just covers interest payments on debt.
Neither of those will happen. Again, the US govt is insolvent long term, but not broke and not running a ponzi scheme. Pretty sure you just made that story up actually.