Many say it could never happen, they say a U.S. Treasury Bill is a guaranteed investment. The “guaranteed” money market accounts that many people have their cash stored in are often backed by Treasury securities.
If the U.S. were to choose to default on the treasury securities, large losses will be taken by many; but bankruptcy reorganization is probably the best thing, when you have such a large debt that cannot possibly be paid.
The time has come, a time which is long overdue, to recall the troops, close overseas bases and dramatically slash the size of government. We need a fresh start and bankruptcy reorganization is the way to accomplish this.