America has the world reserve currency. America cannot go bankrupt. Not as long as the Dollar remains the worlds reserve currency.
Someone posted this statement on another message board. Is this true?
The banking system (FED) is separate from the govt. - and is privately owned. "America" is in debt up to it's eyeballs and would be considered bankrupt under any normal accounting standards.
Can you have the worlds reserve currency and go bankrupt? I can understand that it can happen the moment people refuse to acknowledge it as the reserve currency but up until that point...