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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I'm struggling to reconcile the averred cataclysmic consequences of a U.S. default (electrons would become unbound and the earth turn into plasma) with why Democrats won't take simple unilateral measures like minting the coin, amending senate rules, or ignoring the debt law.
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If it's just a case of default kicking Wall Street in the nuts for a bit, then I'm all for calling this bluff. But I'd like to read something informed about the systemic effects of floating US treasury checks for a few days
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Replying to @Pinboard
Nick Gordon Retweeted southpaw
looks like Southpaw explored it a bit (I'm not a subscriber but):https://twitter.com/nycsouthpaw/status/1442321602000027651?s=20 …
Nick Gordon added,
southpaw @nycsouthpawThe former option, default, would potentially cause a global financial cataclysm. The latter is less well explored; but it’s hard to see who would even have standing to sue over it. Wrote about this a little this week in a post for Pawprints subscribers. https://www.nycsouthpaw.com/p/could-the-debt-ceiling-die-of-neglect …Show this thread1 reply 0 retweets 3 likes
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