World-News

Ellen Brown, Truthout: 'On May 16, The Wall Street Journal published an opinion piece titled 'The Armageddon Lobby,' which claimed that a 'technical default' on the federal debt was just 'political melodrama' and not really a big deal: '[B]ond markets can figure out the difference between a genuine default when a country can t pay its bills and a technical default of a few days if it serves the purpose of fixing America's fiscal mess.' It is not just that the government could be brought to a standstill, with a third of its bills now being paid by borrowing, or that interest rates would shoot up, forcing thousands of homeowners into foreclosure. Failure to pay on the national debt could trigger a default on the global reserve currency.'

http://www.truthout.org/inviting-chaos-perils-toying-debt-ceiling/1306515903



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