The seriousness of the Republican refusal to raise the debt ceiling is beginning to sink in, and the experts are starting to get uncomfortable. Bloomberg this morning calmly calls it "an economic calamity like none the world has ever seen." No, no signs of fear there.
Lehman almost sent the world into a depression. Only the Federal Reserve prevented that from happening. As it is, we just had "the Great Recession." The US debt is twenty-three times the size of Lehman's.
If the Republicans and Conservatives do this, they will become pariahs not just in their own country, but also worldwide. This will deepen resentments for Americans everywhere.
The fact that Republicans are the "rich people's party" and that a handful of Randian billionaires are behind this will make class warfare fashionable again, and undo all the hard work Limbaugh and Fox have been doing to keep it spurned and secret.
Conservatives are threatening this to deny Americans health care, something citizens of every developed country has as a birthright. This fact will dry up any mercy that may temper peoples' judgment. No matter what they believe about "Obamacare" now, when abject poverty becomes their reality, they are going to be disillusioned from the Conservative fantasy world they once believed in. They are going to re-examine their beliefs.
The longer this goes on, the more likely a panic in world markets become. That alone could lead to a major recession. I give it another week.
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