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David Walker On The Debt Deal: "U.S. Is 3 Years Away From Being Greece, Congress Dealt With $2T Of A $61T Problem"

CNBC Video - David Walker With Joe Kernen On Squawk Box - Aug. 2, 2011

"We are less than three years away from where Greece had its debt crisis as to where they were from debt to GDP," he said.

The US is nearing the 100 percent threshold which historically shaves about one percentage point off GDP, which was just 1.3 percent for the second quarter and 0.4 percent for the first quarter.

With the recent increase in the debt ceiling and continued higher budget deficits at the federal level, the US is on course for its own crisis, Walker said.

"We are not exempt from a debt crisis," he said. "We're never going to default, because we can print money. At the same point in time, we have serious interest rate risk, we have serious currency risk, we have serious inflation risk over time. If it happens, it will be sudden and it will be very painful."

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Reader Comments (6)

Aug 3, 2011 at 4:43 PM | Unregistered CommenterTR
Marc Faber: Fire 50% of the US Government including Obama


UPDATE 2-Emerging world buys $10 bln in gold as West wobbles

Aug 3, 2011 at 5:43 PM | Unregistered CommenterLiberatedCitizen
Iran revolutionary guards commander becomes new president of Opec



Rostam Ghasemi joins Ahmadinejad cabinet as oil minister, automatically making him head of global oil organisation
Aug 3, 2011 at 10:47 PM | Unregistered Commenterjohn
Really great link TR. I'm going to post it. Thanks.

LC and John...thanks as well. LC, I don't see the boycott day doing a damn thing. It would be about the 100th boycott day I've seen in 2 1/2 years of running this site, and all have been duds. Not to be a downer, but the sheeple just aren't paying attention, at least not enough to make any impact.
Aug 3, 2011 at 11:51 PM | Registered CommenterDailyBail
DRILL BABY DRILL $0. 25/ GAL. gas is just around the corner

Aug 4, 2011 at 2:17 AM | Unregistered CommenterTR

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