There is a better than 60% chance that no deal can be done to raise the US debt ceiling before August 2nd.
In which case the US AAA debt rating is now 80% going to fall this week.
We are being constantly bombarded with the quote from the half American, Churchill: "the US always does the right thing, after it has exhausted the alternatives".
Yet, what happens if the House Republicans do not do the right thing and the United States of America defaults on its debts?
I think the enormity of that question provides its own answer.
We are seven days away from a fundamental break down in American power.
If the US defaults, it is not the same as previous crises: it will substantially and permanently degrade US standing in the world. All of the U-S-A chanting fans will be chanting for a degraded power. Those politicians who pretend that the US is an untouchable power will be seen for the frauds that they are. No longer an example, but more of a warning, the country that creates such fools as Rush Limbaugh and Glenn Beck will become increasingly derided.
OK so there can be no rival to the Dollar, apparently, in which case, it will be no other currency but Gold: which will shrink the global money supply by four fifths.
The US political disfunctionalism turned out to be important after all.