The Fed, Wall Street Plan for Default

Townhall Staff

Jul 21, 2011 1:52 PM Jul 21, 2011

Opinion

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With less than two weeks before the United States cannot borrow more money, the Federal Reserve and Wall Street are making plans to prepare for the country’s possible default on its $14.3 trillion debt.

In the most revealing comments to date, Charles Plosser, the president of the Philadelphia Federal Reserve, told Reuters the nation has for months been in “contingency planning mode” to deal with the fallout when the federal government runs out of money.

Read more: http://www.politico.com/news/stories/0711/59540.html#ixzz1SlOB7bpO