Posted by: aboutalbion | October 16, 2013

Will the debt mountain erupt?

I am just a bystander looking in at US politicians who are the wardens of the US debt mountain.  I am told that the debt mountain could explode in the next twenty-four hours unless the wardens of the mountain can agree on a plan of action which is in the US public interest.

I assume that there is a grain of truth in the CNN report of 2 November 2004 which stated that an al Qaeda priority was to bankrupt America.

So I find it ironic that the right wing Republican Party is prepared to contemplate political action whose economic consequences would seem to be closely aligned with an al Qaeda priority.

In the US, many small districts and a few towns and cities filed for bankruptcy before Detroit did the same on 18 July this year.  I don’t think there is anything in the ‘rules’ of capitalism that stops a sovereign state going bankrupt …….

However, I am an optimist; but I do have a sub-dominant streak of pessimism.

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