Read this article for a description and links on how narrowly the FedGov avoided default last month.A hallmark of failing systems is an increase in the frequency and magnitude of near-misses and other unplanned instability.
Although I guess we could debate the "unplanned" part....
Do you understand yet?
The key is the use of technical default. That is pretty much meaningless as the debt ceiling is put on to restrict the action of the Executive Branch/Treasury, not the security of the debt. Does anyone think that the Dem. congress will bring the Dem. president to court and collapse the federal govenment over this? This is more sloppy and arrogant government rather than a crisis.
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