Markets sure are calm in light of the fact that the United States is said to be flirting with default on its debt. According to panicky economists, pundits and politicians, default would be “catastrophic,” interest rates would “skyrocket,” and a “global recession” would ensue.
Except that actual markets are once again calm. Which is the point. Those with actual skin in the game aren’t worried, and for obvious reasons: there’s nothing to worry about. Even if no debt-ceiling deal is reached such that bills cease being paid, there will still be no major domestic or global freakout.
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