Tuesday, October 8, 2013
Even a Two-Bit Actor with Alzheimer's Knew the Consequences of a Government Default
"The full consequences of a default, or even the serious prospect of default by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and on the value of the dollar and exchange markets." President Ronald Reagan discussing the effects of a government default.