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there is no such thing as bankruptcy in terms of a sovereign state. Your definition applies to a private entity or some other governmental entities. The word you are looking for is default. And we were very close to default of some kind -- one that would likely prioritize bond holders over other entities.

Call it default if you like.

You're right that we almost defaulted, but we did so because of our own political inability to solve an easily-solvable problem. We have plenty of ability to pay. All we needed was for Congress to flip a switch and then everything was fine. It was not an actual financial crisis, it was an entirely self-created political one.

Now, we may not want to pay, but that doesn't mean that we are bankrupt.

by Alex B. on Sep 7, 2011 1:41 pm • linkreport

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