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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>>… Of </span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>John Clark<br><b>…</b></span><span style='font-size:13.5pt;font-family:"Arial",sans-serif;color:#545454'><o:p></o:p></span></p><div><div><div><div><p class=MsoNormal> <o:p></o:p></p></div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><div><div><div><div><div><div><div><div><p class=MsoNormal><span style='font-family:"Arial",sans-serif'>>>…</span>we need to tell investors the obvious: eventual default is inevitable. <span style='font-family:"Arial",sans-serif'><o:p></o:p></span></p></div></div></div></div></div></div></div></div></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div><div><div><p class=MsoNormal><span style='font-size:13.5pt;font-family:"Arial",sans-serif'>>…It's only inevitable if the voters make a moron the president… John K Clark<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'>John, US presidents do not control T-bills. Voters don’t either. Inevitable default on those treasuries is controlled by economics. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'>We recognize that not all debt is bad. Runaway debt is very bad. There is no way the US can keep borrowing at the rate it is going without catastrophic default, regardless of who is president. It isn’t at all clear to me we haven’t already passed the point of no return some time ago. The US has become so addicted to borrowing and spending, we are openly proclaiming we cannot balance the budget without it, and there is no point in trying. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'>I ask who is more irresponsible: those who state the obvious on default, or those who continue to borrow and deny the obvious?<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Calibri",sans-serif'>spike<o:p></o:p></span></p></div></div><div><p class=MsoNormal><span style='font-size:16.0pt'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:16.0pt'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:16.0pt'> <o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p></div></div></div></body></html>