IMF CHIEF URGES US: AGREE TO DEBT DEAL AND AVOID DEFAULT

Posted on July 27, 2011 by

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Default? Default my ass!

The word default is being used as ‘scare propaganda‘.  The current levels of tax revenue will allow the US Treasury to pay the debt service and it will not have any effect what so ever on SSI or Veteran pay.

Uploaded by on Jul 26, 2011

The International Monetary Fund’s new chief, Christine Lagarde, has warned that the “clock is ticking” on a deal to tackle the US deficit and raise the debt ceiling. She warned that unless politicians agree to a package by August 2nd, the US economy could face default.

IMF chief Christine Lagarde, speaking at the Council on Foreign Relations, urged the U.S. to get past the political stalemate on the debt ceiling issue- for the sake of the world.

She said, “There has to be sufficient plans in order to address the issue of sovereign debt, of the debt ceiling, because frankly to have a default or to have you know a significant downgrading of the United States signature would be a very, very, very serious event. Not for the United States alone but for the global economy at large because the consequences would be far reaching. ”

Information provided by cctv.com Thank you http://www.cctv.com

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