Contrary to what is being reported by the MSM, the U S Government has defaulted on its' debt before.
Attribution: motoyen
Tithe Continental-Currency Default
The Default on Continental Domestic Loans
The Greenback Default of 1862
The Liberty Bond Default of 1934
The Momentary Default of 1979
(Source: History of U.S. Debt Defaults
It's not the first time that debt default has been skirted and it won't be the last.
If we do default, it won't be the first time either.
And the impact if the US does default? For the everyday person, very little impact initially. After a period of time, an increase in the prices of all imports, especially petroleum and food commodities. Eventually leading to price controls, rationing and artificial scarcity. The possible breakdown of law and order especially in the more urban areas; imposition of martial law...
Sorry to revert to a past life as an economist, but there is a reason Economics is referred to the dismal science.
