Musings —10.16.2013 08:34 AM—
I don’t have one. In fact, I don’t give a rat’s ass, and I plan to say so on Sun News in an hour or so.
The so-called “consumer focus” that everyone’s buzzing about, North of the Queensway, could not possibly be more irrelevant, as we are now hours away from the first-ever default by the United States of America.
The U.S. Treasury Department says a default would be catastrophic, and it would be – there and here. Credit markets will freeze, interest rates will soar, (sluggish) economic growth will fully stop, and our close trading relationship with the U.S. will ensure we are thrown back into recession. A worse one than the last one.
Remember Lehmann Brothers in 2008? That single firm’s default commenced a downward spiral that led to a global recession. So if the U.S. government defaults, the consequences will be a lot worse, wouldn’t you say?
Today’s Throne Speech is fiddling while Rome burns. It’s a joke.
Train your eyes South of the border. Washington’s the only capital that matters, today.