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Wednesday, July 13, 2011

Economy: US Default Inevitable: Fund Manager - CNBC

Economy: US Default Inevitable: Fund Manager - CNBC: "A U.S. default isn't a matter of 'if' but 'when,' David Murrin, chief investment officer at Emergent Asset Management, told CNBC.

'It's inevitable that the U.S. will default—it's essentially an empire which is overextended and in decline—and that its financial system will go with it,' he said.

The question is: Does the U.S. default when it is forced to by the outside world, probably the Chinese, or does it take the option to default on its own terms in such a way that it may have a strategic advantage, Murrin said."

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