Tuesday, 1 October 2013

Default is not in our stars, but in ourselves

Paul Krugman has good stuff to say on the present US shutdown. Not to mention a hilarious and highly appropriate ending line, which I've appropriated(heh) as the title of the post. This just makes me wonder what some of the Republican radicals are smoking. Their actions are far from sane.

That being said, is Obama in a catch-22 situation here? You know, if the Republicans held on to their present shutdown and the US hit its debt ceiling, the country would officially default on its loans. That would have global repercussions. But Wall Street - what would they do in the circumstances? Lend more money to a defaulting government, and bring the US government officially in Wall Street's pocket?

Stuff of nightmares if such a thing were ever possible, and nightmarish enough now anyway...

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