This from the WSJ Weekend Interview with Stanley Druckenmiller who is absolutely on the money. Follow this link.
What If the U.S. Treasury Defaults?
'People aren't going to wonder whether 20 years
ago we delayed an interest payment for six days. They're going to
wonder whether we got our house in order.'
'A financial crisis is surely going to happen as big or bigger than
the one we had in 2008 if we continue to behave the way we're behaving,"
says Stanley Druckenmiller, the legendary investor and onetime fund
manager for George Soros. Is this another warning from Wall Street that
Congress must immediately raise the federal debt limit to prevent the
end of civilization?
No—Mr. Druckenmiller has heard enough
of such "clamor and hyperbole." The grave danger he sees is that
politicians might give the government authority to borrow beyond the
current limit of $14.3 trillion without any conditions to control
I recommend this this article heartily. This is from a man who has made billions trading against errant government policy.