Maybe it would be good for the whole "world's economy to be trashed because of the 'debt ceiling' debacle?

-how would it affect you personally if no decision is reached?

Will your credit card interest suddenly shoot up from say, 12 percent to 20 percent?How is giving more money to banks (financial intuitions) helping the economy or helping me. It does not pay one red cent on the debt. Since they want us to pay more interest then we could have paid more taxes. You see.The Ron Paul doctrine is a hash of Mises Institute political economics which desires among other things that rotten enterprises be allowed to fail without regard to the people involved in them. TP and other radical Republicans believe that the debt ceiling gives them the chance to test that.



However, if enough enterprises fail simultaneously, things tend to combust in the streets. The relationship between failure and combustion is not linear. Conflagration proceeds geometrically once the combustion threshold has been reached. Further economic failure then acts as an accelerant until we all become Libya.



The problem with your scenario is that there is literally no limit to the amount of damage that can be triggered. It is not a simple cause-and-effect but as we discovered in 2008 a massive cascading chain of effects that can be triggered by a relatively minor event - like a default, and subsequent debt downgrade.



Because all the rich nations are exhausted now, there is no safety net. I think for the second time in his life Geithner is truly terrified at what might be coming at us.



One potential result: if the Republicans succeed in their experiment with blocking the debt ceiling, within five years nobody may remember or care what a Republican or Democrat was. Any more than the typical Bengladeshi dump-diver cares today.
My family would be ****ed in the ***. We JUST went under contract today to sell our house, and wanted to move because interest rates are at historic lows and our place has miraculously not lost it's value since the housing market crashed. If interest rates skyrocket we will not be able to buy a new house and ugh don't even want think about that.
No, why take the rest of the world with us - we are not rats in a barrel, right?



It would take some months to affect me. I have no credit card debts and my homes are paid for. I may have to buy a gun and stay indoors for a while
If that is the only thing that would happen, it wouldn't affect me at all. However, if taxes increase, I might have to make some cuts to avoid the credit trap.
No it wouldn't be good, but we cannot continue to go on as we have been. The government spending is simply out of control.
That's going to happen anyways if we don't cut a least 4 trillion in spending.
Only in tea party la la land.
YES



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We don't like your Bacon!!