Yes, but China buys US debt hand over fist. Anyway

Yes, but China buys US debt hand over fist. Anyway we look at it, if the number one economy in the world, the safest asset class in the known universe defaults, every country will feel its wrath. Credit markets froze solid (-750k jobs a month hemorage) when Lehman Brothers collapsed and only unfroze after the bailouts followed by stimulus...a reminder that the markets tanked when the House first rejected stimulus. Those Nincompoops have no memory. Having the US pull a Lehman cant be allowed. id hope Obama would use the 14th Amendment and unilaterally take action. BUT of all places to be, China and iron ore is one of the safest spots out there IMO. Its the building blocks of civilization, and we have a huge profitability buffer if the prices plummeted. Its the fastest growing major economy with the most demand too as you know, which is gravy. We truly have a company for life once we stabilize. They just need to get this done and markets will immediately rally.