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Published on Friday, June 3, 2011 by CommonDreams.org
http://www.commondreams.org/view/2011/06/03-2
by John Atcheson
Republicans are engaged in a dangerous game of brinksmanship over raising the debt ceiling. It’s a game that could end in disaster.
The US is a debtor nation, and as such, we are desperately dependent upon good credit. So far, we have been able borrow and borrow at favorable rates because “the full faith and credit of the US government” stands behind every bond, every borrowed dollar.
But that could change if Republicans continue their cynical game of economic chicken.
What Republicans risk, even if they eventually capitulate and raise the debt ceiling, is the loss of this faith, and the unprecedented catastrophe that loss would bring on.
If the international community even suspects the US will routinely consider not honoring its debts, the cost of money for US industry, consumers and government would skyrocket almost overnight, bringing on the mother of all depressions, possibly with simultaneous inflation.
Republicans claim they’re doing this because they’re genuinely alarmed by the deficit, and that it poses a clear and present danger to us.
Let’s be clear. Republicans don’t give a damn about the deficit. Here’s the proof.
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