Yep, collapse is immenent simply based on historical precedents as well as the obvious issues with the economy
The U.S. Treasury is warning there could be “catastrophic” economic effects worldwide if Congress does not increase the country’s borrowing limit in the coming days so the United States does not default on its financial obligations.
As the U.S. approaches its current $16.7 trillion debt ceiling, the Treasury issued a report Thursday outlining the calamity it says could occur if it runs out of money to pay the country’s bills, including interest on money the U.S. has borrowed overseas.
“A default would be unprecedented,” Treasury said, “and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse.”
The country’s government is already in the third day of a partial shutdown in…
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