At a recent investor meeting, someone asked Warren Buffett: “Would the USA really be able to honor its debts?”
The “Sage of Omaha” quite rightly pointed out that the answer is a resounding “yes”. If the debt is to the nation that issues it, in the currency of that nation, then it can always be repaid. Always.
Whether the repayment will actually be worth anything at the point that it is cleared (which it probably won’t be unless our financial systems change drastically, which they may, but who knows?) is another question.
And probably a more relevant one.
PS: “The United States can pay any debt it has because we can always print money to do that.” – that works when you’re Top Nation with the de facto global reserve currency or at least a secondary power. Until you’re not anymore. See, for example, the UK up until 1956. So the “always” is rather optimistic.
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