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Should the U.S. Default on Its Debt?

Complete video at: http://fora.tv/2011/02/17/Dambisa_Moyo_How_the_West_Was_Lost International economist Dambisa Moyo examines the notion that the United States should deal with its rapidly escalating debt by simply refusing to pay it off. Although Moyo regards default as an option of last resort, she notes that it wouldn't be one without precedent: "The idea that big countries never default... is something that is not true." ----- Dambisa Moyo daringly claims that the West can no longer afford to simply regard global up-and-comers as menacing gatecrashers. In a world where Western economies hover on the brink of recession while emerging economies post double-digit growth rates, Moyo calls out the economic myopia of the West and the radical solutions that it needs to adopt to salvage its global economic power. A former consultant for the World Bank and former emerging markets investment banker at Goldman Sachs, Moyo was named by Time Magazine as one of the "100 Most Influential People in the World," and was nominated to the World Economic Forum's Young Global Leaders Forum. - The Commonwealth Club of California Dambisa Moyo is an international economist who comments on the macroeconomy and global affairs. She is the author of the New York Times Bestseller Dead Aid: Why Aid is Not Working and How there is a Better Way for Africa. Her latest book is entitled How the West Was Lost: Fifty Years of Economic Folly and the Stark Choices Ahead. She completed a PhD in Economics at Oxford University and holds a Masters degree from Harvard University. She completed an undergraduate degree in Chemistry and an MBA in Finance at the American University in Washington D.C.
Length: 02:51

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