posted on Jul, 24 2011 @ 12:36 PM
The way I understand this, is that if the government defaults, whomever gets a government paycheck; won't.
The blame game will go into overdrive and politicians on both sides of the aisle will wee themselves in the fear that they won't get re-elected. (Term
limits would probably solve the debt crisis faster than any party plan because they'll be less caring of their own weak futures).
They will eventually agree to a plan, taxes will be raised because the GOP will blink first, and life will go on. Our credit rating will drop (S&P
will drop us regardless of the plan specifics, we've screwed up too much for that to change) and America will be speaking "Greek" to the rest of the
world.
The dollar will be replaced by another form of currency in terms of a global currency exchange, and it'll be a loooong road to recovery.
I know this post should probably go into the prediction forum, but this is what (as an economic noob) I see happening.
edit on 24-7-2011 by
beezzer because: (no reason given)
edit on 24-7-2011 by beezzer because: (no reason given)