The United States on the Verge of Cataclysmic Debt Default

Unless you’re a go-about-your-day-and-never-pay-attention undead sheeple zombie, you’ve probably heard that the United States is on the verge of defaulting on its debt unless John Boehner and his traditional Republican and Tea Party Republican controlled House, Harry Reid and Barack Obama can get their acts together and get a debt ceiling limit raised by August 2nd.

But hey – no problem – it’s only SIX DAYS AWAY! (sarcasm font)

Yeah, the debt problem sucks. Yeah, maybe some things should have been done differently. Yeah, there are no easy answers. But C’MON – find some middle ground and get it done! We’re on the verge of fiscal cataclysm!

But don’t take my word for it, ask always trusty Reuters (*ahem* font):

An outright debt default would be much more unpredictable—and potentially cataclysmic.

What? Rewind. Read that again:

An outright debt default would be much more unpredictable—and potentially cataclysmic.

Such an historic event as failure to make payment on Treasury bonds, considered the ultimate safe-haven in banking, would cascade through financial markets and the world economy, dealing a long-term blow to the global standing of the United States.

“Default on the debt would just be a catastrophe, it would be Lehman times ten” said Joseph Gagnon, a former Federal Reserve economist now with the Peterson Institute for International Economics. “Financial markets would seize up. No one would know what is safe anymore.”

Yes! Sweet, sweet S would HTF – we’ve been waiting for a chance to dig out our junk silver and food rations for years!

I mean NO, this isn’t good, it’s TERRIBLE!

Who loses if the government defaults? Who loses it the government has to stop paying bills? We all do.

Regardless of the reasons we got to this state, our failed leaders from both parties are now too caught up in political posturing to get the job done. Everyone needs to give. Social Security, Medicare and Medicaid all need to get overhauled to reduce long-term spending; we need to get our military out of so many foreign countries; the very rich need to pay more in taxes and we need to close so many corporate tax loopholes. Everyone needs to give.

OR we could just sit back and watch our elected leaders continue pushing off difficult decisions in favor of political games.

Hell, maybe I should just start rooting for complete economic collapse (annoyed font). I have some freeze dried food, a garden and a bad attitude (serious font). I’ll watch it all go down (throwing in towel font).

– Ranger Man