Defaulting Means something Really Bad
CNN Money posted a very interesting set of discussions with former treasury secretary Summers (and also former Harvard President, his views on the Winklevoss twins is, interesting).
In this video excerpt he gives his point of view on what the U.S. defaulting on their credit might actually mean, and while he does use a fair amount of dramatic adjectives, the point made is correct, this is gonna be really, really bad, and it should not be allowed to happen.
Will this happen? I really, really hope not, because at the end of it, all of this is just political nonsense posturing on all sides of the argument, trying to prove a point, instead of a group of elected officials trying to do the best for their country (admittedly an incredibly naive view of what politicians are actually elected to do).
If you have time, check out the Winklevoss short video as well, quite entertaining (if you haven’t already seen Social Media, that is).