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When the Piggies Squeal, We're Winning!

Bank CEOs warn of consequences from U.S. shutdown, default

"There is precedent for a government shutdown. There's no precedent for default. We're the most important economy in the world. We're the reserve currency of the world... the long-term consequences of a shutdown ... certainly the consequences of a debt ceiling (not being raised)... we all agree that those are extremely adverse." - Goldman Sachs chief executive Lloyd Blankfein in private meeting with President Obama also in attendance with Michael Corbat of Citigroup, Jamie Dimon of JPMorgan Chase & Co, Robert Benmosche of AIG, James Gorman of Morgan Stanley, and John Stumpf of Wells Fargo, among others with Vice President Joe Biden

Read: http://www.reuters.com/article/2013/10/02/usa-fiscal-obama-b...




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Except there have been many defaults

1. raising price of gold from $20 to $35 per ounce by FDR
2. closing the gold window by Nixon
3. and the ongoing default by way of devaluing the currency with money printing.
4. etc.