For most in the mainstream of economics and the political establishment the idea of the U.S. government defaulting on its obligations is simply unthinkable. No one will admit that default is likely, much less actually entertain the idea as a viable solution to the debt crisis.
Well Doug Casey, author of the new book Totally Incorrect, says otherwise. In the below interview with Reason.tv he makes the moral case that the national debt should indeed be liquidated – that the U.S. government should simply not pay back its creditors. He makes the case on moral grounds coming generations should not be forced to pay the debt. And in fact the people who lent the government the money should be punished for enabling it to grow out of control.
Also discussed is why living abroad can be beneficial for both your finances and freedom.