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If chicago defaults it's rather harder to seize it's assets. The USS Nimitz is something of a deterrent to even the most ruthless repo men.



Cute, but no-one is going to try to seize any "assets", whatever you are imagining they might be. What will happen is instead this: that the Fed would bail them out to avoid a chain reaction, or that the state will have to go to the IMF, cap in hand, and accept an austerity program in return for further assistance, just like any other state that can't pay its debts.

The Nimitz, I'm afraid, is not going to be doing much of anything except its normal trick of sitting there and costing USD$440k per day.

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> that the state will have to go to the IMF, cap in hand, and accept an austerity program in return for further assistance, just like any other state that can't pay its debts.

Will the IMF loan to a US state?

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If they had nuclear weapons they might !

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Chicago runs a deficit, but it's a fraction of Illinois'; Chicago isn't what's going to default.

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