Reply #2: At the very least interest rates will go up exponentially [View All]

that is the least bad of the consequences.

Today a certain host in the financial channel suggested an IMF rescue package, where the nation looses quite a bit of independence. Given that happens everywhere else, I would not discount it.

At that point the austerity plan will force things like cuts in SS payments, privatiization of things like Amtrak, the firing of government workers, as well as freezing of salaries. Oh the end of certain subsidies and essentially the rape of the nation. This is based on IMF history everywhere else. As they say.. roost and birds.

Incidentally this also means the end of the USD as a reserve currency and of course of the American Empire.

Yes it could also lead to a wold wide depression.

Reality is... will be somewhere in between, my view closer to armageddon.