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Who to blame for the US budget crisis? Try the Kaiser - The Globe and Mail

Who to blame for the US budget crisis? Try the Kaiser - The Globe and Mail | money money money | Scoop.it

So here is our golden escape clause for today’s U.S. Congress: Instead of the two major parties doing the usual thing, i.e. blaming each other, why not approve a joint resolution of both Houses – condemning Germany for its responsibility, nearly a century ago, in triggering the existence of the debt ceiling in the first place? That way, the Congress, in solemn bipartisan fashion, could wipe its hands of any responsibility for today’s conundrum and place the blame with the Germans. Case closed.

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Could the US government shutdown dwarf the Lehman Bros crisis? - Economic Times

Could the US government shutdown dwarf the Lehman Bros crisis? - Economic Times | money money money | Scoop.it

OK, a temporary government shutdown - which became almost inevitable after Sunday's House vote to provide government funding only on unacceptable conditions - wouldn't be the end of the world. But a US government default, which will happen unless Congress raises the debt ceiling soon, might cause financial catastrophe. Unfortunately, many Republicans either don't understand this or don't care.

 
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation