Another week of debt-ceiling brinksmanship, and another week of abject fear from the pundit class. Experts claim that a failure to come to terms will besmirch the U.S.’s global reputation, interest rates will surge, and recession will ensue.
The expressed fear implies that higher borrowing costs born of default will bring on economic decline. Except that the biggest driver of global economic prosperity is Silicon Valley, and credit is so expensive there that there's really no “credit” for its moonshot concepts. All equity finance there. See “moonshot” if you’re confused.
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