“A US debt default could spark mass unemployment, payment failures, and catastrophe that would raise interest rates ‘into perpetuity,’ Treasury Secretary Janet Yellen warns”

“…A government debt default would be catastrophic for the US economy, sparking mass unemployment, payment failures, and interest rates rising “into perpetuity,” according to US Treasury Secretary Janet Yellen.

“Since 1789, the United States has paid all of our bills on time, and it should stay that way,” Yellen said at a Washington conference on Tuesday, warning of an economic disaster if the US failed to meet its debt obligations.

A debt default will likely result in the government failing to make key military and social security payments, she speculated, and would cause mass layoffs of government officials. Households would also likely fail to make payments on mortgages, cars, and credit cards, causing a collapse in US credit markets…”

https://finance.yahoo.com/news/us-debt-default-could-spark-014107976.html

Listen to me closely. HYPER INFLATION WILL NOT HAPPEN ANYTIME SOON. There is a reason for this. I’m tired of people lying to the public. Hyper inflation will NEVER happen because home mortgage rates are fixed. This means everyone would instantly pay off their home, and own their property, if this were to happen! This is why it will never happen. Mega banks will never screw themselves. Mega banks only screw you, the peasant. The only thing that can happen is deflation unless mega banks figure out how to steal everyone’s property en masse.

I don’t care who says it. They are either stupid or evil if they tell you America will experience hyper inflation. Mortgage rates have to change as a whole before this could happen or the vast majority of people have to lose their homes first. Those are the only options.