Shiver me timbers!

Martin Wolf in an excellent piece presents a take on current political thinking in the US government that left unchecked could lead to a situation where the mighty USA defaults on its debt. Then we'll have a real juicy worldwide financial crisis. Of course, its not unthinkable for a sovereign to do so. They definitely won't be the first leading power to pull the rug out from under their creditors, nor will they be the last.