Legendary bond investor Jeff Gundlach gave a presentation last summer saying a U.S. debt default was inevitable.
Nine months later, S&P is leaning toward the same conclusion.
Gundlach identified three ways out of the debt crisis: Cut, print or default. But cutting alone rarely works. Printing is limited when foreigners own your debt. As for the last option, he says “some type of polite default, at a minimum, will happen.”
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