If you've read Robert Samuelson's post (two posts earlier), then you might want to read this post by Gary North on what a national debt default might look like. It is not a pretty picture.
This kind of scenario makes it all the clearer why we've got to get our financial house in order and become a productive society again. Otherwise we face a potentially catastrophic socio-economic future.
North is a bit of an eccentric, but I find his writing to be interesting. He wrote the first thing I actually understood about 18 months ago on financial 'derivatives' and their dangers, back before they were in the news. So I listen to him and think about what he has to say.
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