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on Jun 29, 2011 10:36 AM by sktn77a
default of U.S. debt
on May 31, 2011 11:55 AM
I am concerned as to what will happen to my retirement account if the U. S. defaults on its debt. Are there any protections in place?
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Re: default of U.S. debt
Jun 29, 2011
in response to schust
Well, there are several issues here
1. Where is your retirements account held? The financial stability of the instutution holding the account may be dependent on the economy which, in turn will depend on the magnitude of the debt and whether we default.
2. If we default on the debt, inflation will increase dramatically and the dollar will lose value. This will make your retirement account worth less.
3. If we don't default on the debt but it keeps increasing, inflation will increase (but not as much as if we default) with similar but lesser effects than option 2.
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