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Originally Posted by onwebcam
Oh and BTW even if the debt ceiling is not raised it doesn't mean we default. Interest on the debt is only a small fraction of the overall budget. Default is just a scare tactic to get public approval which allows them to keep spending trillions more than they bring in.
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Even if they don't default it's going to mean severe austerity measures that will have a serious impact on the US and World economy.
Quote:
Originally Posted by Vendzilla
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No one thinks it's a good thing but the implications are terrifying, it would be so so much worse than the collapse of Lehman Brothers in 2008. Bank runs Governments can manage but if American defaults on it's debt you'll see most other countries default in days like a pile of dominos.
A Global Depression followed by World War III is hardly a change for the better
