SHOP
Log in
Don't have an account?
Sign Up Here →
Forgot Password?

Greenspan: No U.S. Default Because ‘We Can Always Print Money’

August 7, 2011

    (CNBC.com) – Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P's decision to downgrade America's credit rating.

    "The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press

    "What I think the S&P thing did was to hit a nerve that there's something basically bad going on, and it's hit the self-esteem of the United States, the psyche" said Greenspan

    Austan Goolsbee, the chairman of the White House's council of economic advisors, hit out at S&P on the same show, insisting the credit ratings agency had got its math wrong.

    "Well, the basic case is they made a $2 trillion math error and forgot to check their work," he said. "So rating agencies that didn't make a $2 trillion math error reaffirmed the AAA status. You saw Warren Buffet say that, if they had a AAAA, he would put U.S. Treasurys in AAAA status."

    KEEP READING ARTICLE >>

    Subscribe
    Notify of
    guest
    3 Comments
    Oldest
    Newest Most Voted
    Inline Feedbacks
    View all comments

    Please help us spread the word about FollowtheMoney.com on Facebook, Twitter,
    and any other social media outlets.

    Silver & Gold

    Call 800-247-2812 now for the best prices on gold and silver coins and receive Free Shipping and Insurance when you mention Follow the Money.

    Weekly Newsletter

    Stay in the loop!
    Sign up today to receive our
    weekly e-newsletter.