US Treasury Secretary Janet Yellen has warned Congress that the US is headed for a default on its national debt – a warning that has been issued many times before, with the Fed’s money printer always coming to the rescue. In a Wednesday letter to House Speaker Nancy Pelosi, Yellen warned default was coming sooner rather than later. Even the country’s emergency financial resources would be gone come October, she lamented. The US may be “unable to meet its obligations for the first time in our history,” Yellen wrote, adding that all available “cash on hand” and “extraordinary measures” previously employed will soon be exhausted. Perhaps
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