If the US defaults it will lose its de facto role as the world's investment. The US has _never_ defaulted on its obligations and to do so now would be ... catastrophic.
World Financial Meltdown II: Electroc Boogaloo.
Be interesting to see who, if anyone, would take that role if the US loses it. I can't see any strong contender who has the stability and worldwide reach to pull it off.
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Date: 2011-05-16 04:41 pm (UTC)World Financial Meltdown II: Electroc Boogaloo.
Be interesting to see who, if anyone, would take that role if the US loses it. I can't see any strong contender who has the stability and worldwide reach to pull it off.