

What will happen if we default on August 2nd? - mmaunder
http://markmaunder.com/2011/what-will-happen-if-we-default-on-august-2nd/

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ddw
This article actually looks a little too optimistic to me. I see a lot of
chaos with millions of desperate people robbing and hurting anyone that has
any food or money, especially in inner cities.

"So what good will come of this?" is a little sickening and terrifying.

If the politicians were really serious about the debt crisis, they'd start
cutting the military. But they aren't.

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sliverstorm
Mayhaps the US could use some time as the underdog again.

Of course, I have no idea who the top dog would then be...

~~~
TomOfTTB
The answer is no one.

I'm a proud American. Great, Great, Great, Great Grandparent and G/G/G/G/G
Grandparent both fought in the Revolutionary war and everything. But even I
have to admit, as a rational person, the world foolishly built itself around
the U.S. post WWII.

We shouldn't be this important. We shouldn't be the world's Reserve Currency
AND the World's Military AND the World's Entertainment Center AND so on...

Not only is it hurting the world but it's hurting the U.S. We've been allowed
to act fiscally irresponsibly for at least the last 15 years because we're the
world's reserve currency and no one wants to see the Dollar's value plummet.
So we've come to the point where we're doing things like Quantitative Easing
against the wishes of most of our debt holders simply because we can.

The world needs to look at creating an IMF run reserve currency based on a
collection of several different currencies along with other acts like building
up their military to the point that they can deal with little items like Libya
without needing AFCOM's resources (U.S. African Command).

