Is there good expository writing anywhere about what would actually happen if the Treasury respected the 'debt ceiling' and defaulted on some payments for a few days?
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What if we defaulted just a little bit. Not all the way, just for a moment, just to see how it feels.
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Yeah, as a programmer my mind goes to how many systems are calibrated with US default risk hard-coded as zero by definition. But I'd love to hear from people who aren't deducing it all from first principles like I am
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looks like Southpaw explored it a bit (I'm not a subscriber but):https://twitter.com/nycsouthpaw/status/1442321602000027651?s=20 …
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Oh neat, thank you!
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There’s a finance paper that explores the increased US interest cost due to a few glitches in the late 1970s that led to a technical default as some treasury bills did not pay interest as they should have. Market participants required greater interest bc risk became apparent.
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