US default after shutdown?
"Rebels without a clue" by Paul Krugman, Sep 29, 2013.
"US Government default, which will happen unless Congress raises the debt ceiling soon, might cause financial catastrophy.
First of all, hitting the ceiling would force a huge immediate spending cut, almost surely pushing America back into recession.
Beyond that, failure to raise ceiling would mean missed payments on existing US government debt. And that might have terifying consequences.
It looks quite possible that a default would create a huge financial crisis, dwarfing the crisis set off by the failure of Lehman Brothers 5 years ago.
The craziness is, ultimately, not in the situation but in the minds of our politicians and who vote for them. Default is not in the stars, but in ourselves."
Again, the foolishness of our minds!

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