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No Way U.S. Would Allow Debt Default? Don’t Bet on It
“The United States government is not going to default, ever.” That’s what Vincent Reinhart, former head of the Federal Reserve’s monetary division and now managing director and chief United States economist for Morgan Stanley, said late last week. “As political theater,” he said, “the debt ceiling is not a useful threat, because politicians are basically threatening to shoot themselves, as they will rightly shoulder the blame for the serious global economic consequences of a default.” Mr. Reinhart’s view has become conventional wisdom on Wall Street when it comes to whether the country will hit the ... (full story)
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