When this weekend started, it looked like a cave by the D.C. Republican Leadership was imminent. Speaker John Boehner decreed that he would not allow America to default on our debt. I’m happy to report that as of the writing of this post, it would appear that we are no closer to reaching a deal to put an end to the Government shutdown.
“I think things are not moving now. The last 24 hours have not been good.”
-Sen. Bob Corker (R-TN)
Excellent.
It has been said that the only way to get out of a hole is to stop digging. Default would make sure America did just that.
Finally, debt junkie Congressmen would have to go cold turkey on borrowed money. Default would end the practice of funding entitlement programs. I like the way Congressman Morgan Griffith of Virginia put it.
“We have to make a decision that’s right long-term for the United States, and what may be distasteful, unpleasant and not appropriate in the short run may be something that has to be done…I will remind you that this group of renegades that decided that they wanted to break from the crown in 1776 did great damage to the economy of the colonies. They created the greatest nation and the best form of government, but they did damage to the economy in the short run.”
The worldwide financial system is hopelessly broken and serves the interests of Socialism and Corporatism better than it serves the people. The United States defaulting on our debt may just be the reset button that returns us, and people around the world, to free markets.