3. Assuming you used a bankruptcy proceeding as a model,...
Edited on Mon Jul-18-11 08:00 PM by badtoworse
Then holders of debt (bondholders and holders of other public debt instruments) would have first call on the available cash. That includes a lot of Wall Street types, but also includes everyday investors who are holding funds that invested in US Treasuries. There is also constitutional backing for this scenario, since the constitution does say that the countries debt shall not be questioned (I paraphased). I would say that SS recipients are probably next. We would probably need to close national parks and furlough lots of non-essential workers to make the available cash cover outstanding debt.
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