> Defaulting would mean nothing because the debt actually means nothing...
But it does matter. It certainly wouldn't mean "nothing" to the hundreds of millions of folks who expect to collect Social Security benefits should the government decide to wipe that particular slate clean.
But even if you favor a policy of grandma-starving, there are other repercussions. The US government is able to borrow money at rock-bottom interest rates because it has never failed to repay an obligation. Despite what the King of Debt may claim, creditors don't like it when they get stiffed. The day the US government defaults on an obligation is the day every US Treasury security is downgraded to junk bond status.
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Today's Featured Article - Search For Spares - by Anthony West (UK). Following on from the aquisition of the old Fordson F, I was very much in need of spares. As a novice though I didn't appreciate the fact that there were so many Fordson tractors made, that all the other makes seem rare by comparison. As far as I was aware a fordson was a fordson and it was only through trial an
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