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Jeremy Rogers Hummel is a professor of economics at San Diego State University who recently wrote a paper on the consequences of default. “At some point, holders of Treasury securities are going to recognize that these unfunded liabilities are going to affect the fiscal capabilities of the government and then you’re going to have the same situation that happened in Greece happening in the U.S…In the short run it’s going to be painful, but in the long run it’ll be a good thing.”