48 Hours to Global Financial Meltdown!
That’s how much time is left for politicians in the US to work out a deal to raise the borrowing limit and avoid an unprecedented US debt default.
COMPLETE AND ABSOLUTE CHAOS!
The deadline looms as the US government shutdown enters its third week with no signs of abating.
It’s a political showdown that threatens to plunge global financial markets into absolute chaos in just two days unless a solution to the impasse can be found.
THE GLOBAL MELTDOWN HAS ALREADY BEGUN!
Some reports suggest the global meltdown has already begun and could be 16 time worse than the 2008 Global Financial Crisis!
The global faith in US institutions is already hanging by a tenuous thread.
In fact, the wheels of impending doom are already set in motion with financial markets bracing themselves for the prospect of a US government default.
As a result, economic growth in both the US and the rest of the world is now trending lower than it should be.
Unemployment is nudging higher and social unrest around the world is increasing.
These things aren’t as bad now, as they will be should a debt default occur.
Just like the GFC, once trusted institutions like “the banks”will crumble, but unlike Lehman Brothers, this time it’s the US government that faces a credibility crisis.
The insane level of Washington dysfunction on display right now can be directly attributable to the so-called “tea baggers.”
Outside their own insular circle of right wing nutjobs and conservative religious zealots, they are widely regarded as certifiably insane, yet are now holding the US, and the rest of the world to ransom, for the sake of making a political point.
Ideologically, they are fundamentally opposed to equal access to healthcare for all, or at least, not if they have to sacrifice some of their superfluous wealth to fund it.
Every day that goes past is a day where trust and faith in the US government is evaporating — and once it has evaporated, it will not return.
The Republicans in the House have already managed to inflict significant, lasting damage to the US and the global economy — even if they were to pass a completely clean bill tomorrow morning, which they won’t.
The default has already started, and is already causing real harm. The only question is how much worse it’s going to get.