US Debt Default Enters Mainstream Media

It seems that the unthinkable and yet inevitable is now finding its way into mainstream press - see the link above.

If default by stealth through continued debt monitisation, inflation, and dollar depreciation fails, the US may be forced into a de jure default on its debts. The constant bailouts of the European defaulters have simply delayed the inevitable. I greatly doubt for example, Greece's ability to reform its economy and service its debts post-bailout. The cleanest and less damaging approach would have been to let Greece default, withdraw from the Euro, and have economic restructuring forced upon it.

Political debate in the United States, to the extent it legitimately exists (which I question) alternates between two partisan extremes. Only the left are the quacks who apparently don't realise or care that there is a debt problem and would happily let the US spend itself into default. On the right are another bunch of quacks who apparently realise the existence of a debt problem, but in reality are just as predisposed to let the US default by cutting spending AND taxes simultaneously.

With this level of puerile discourse in the United States void of any mainstream meaningful economic debate the US truly appears in a period of extended decline, first economically and then shortly thereafter socially. The political aspect of its decline commenced decades ago with the counter-intellectualism of the conservative movement.