Faced with some Republicans shrugging their shoulders at the thought of the U.S. defaulting on its debt obligations for the first time ever, notable economists are warning that the consequences would be the economic equivalent of a swarm of frogs and a plague of locusts.
The worst of the doomsday scenarios painted by economists involve an outright depression, as the effects of missing a debt interest payment cascade through the economy, financial markets and ultimately to Main Street.CNBC NetNet
Here are 7 debt-default doomsday scenarios
Jeff Cox | Financial Editor
Business and finance getting fed up with the Tea Party? They want conservative business people and financial professionals in charge, not a bunch of yahoos. Look for pressure to mount from within the GOP, especially from big donors.
3 comments:
This is Totally & Ridiculously IRRELEVANT & NOT worth printing. UNLESS you ADMIT that its NOT going to happen. Our Govt brings in MONTHLY 12 X what is required to Service the Debt. Thankfully, NO one, including Obama is Foolish Enough to blow that. unfortuantely, what is MOre important for True Recovery, We need to Balance our budgets while Paying DOWN the debt ASAP
That assumes prioritizing debt payment and it's now clear that this is even legal let alone possible the way the payments system is configured. The people putting this forward don't know about either law or Treasury-Fed operations.
Eph,
I think you somehow ended up on the wrong blog bud...
With a balanced budget, when the interest is paid to Japan or China or any other zombie USD hoarding zealot nations for that matter, the interest balances are effectively destroyed.
This process will eventually remove all USD $NFA balances from US domestic entities and we're finished...
Sober up.
rsp,
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