The well respected Boston Consulting Group came out with a 14 page report titled "Back to Mesopotamia". Boston consulting group is not known for being particularly conservative or libertarian in their economic views, so it's quite surprising for them to have such a boldly grim outlook.
report below:
http://www.docstoc.com/docs/97122913/BCG_Back_to_Mesopotamia_Sep_11[2]
Hopefully they are exaggerating the timeline and consequences of dealing with debt. I like to think things can be solved a bit more comfortably. Of course i'm in the school of thought that believes US debt obligation should eventually fall on the countries that loaned us the money, aka treasuries go to zero and anyone holding them lose out. After all, if you make a loan to someone who can't repay it who can you blame but yourself?
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