Credit Suisse is right - America is not broke - it’s people are.
Employing Credit Suisse logic I come to the following.
America is governed by the people, therefore People = Govt.
The government owes many foreign banks more money than we can pay so the government is broke, yet we know People = Govt.
So if People = Govt. = Broke, then logically People = Broke
We are broke, so we should declare bankruptcy, and the govt will bail us out!!
RE: We are broke, so we should declare bankruptcy, and the govt will bail us out!!
And how will the government, who is broke, be able to bail you out other than to TAKE or BORROW from those who aren’t broke?
It can also print money to bail you out, and you’ll be bringing a sack of $100 bills to the grocer the next time.