“If every country is looking equally irresponsible, then the chances of [a US budget crisis] happening are slim, certainly on a sustainable basis. But when all the countries are experiencing high debt ratios and high deficits, then it′s less likely because in effect there is nowhere to run, with the possible exception of physical assets like gold.” ...
“It would take another country, another region like the euro area supplanting the U.S. with regard to fiscal responsibility. That’s tough to see happening,” he added.
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