It's not worth the effort to respond to Legion. S/he/it is not able to respond rationally nor is s/he/it capable of carrying on a rational discussion.Statement one is obvious. If you default on your debt, you will be a poor credit risk, and you will have to pay a higher interest rate as a result. Statement two follows statement one. The worse the credit risk, the higher the interest rate. Statement three is an opinion that I can't quantify. However, look to what happened to Icelands economy when it defaulted on it's debt. Iceland isn't an important player like the US. You would immediately see much higher interest rates, a highly devalued dollar, loss of confidence in US markets, a whole mix of bad results. When Iceland defaulted, their currency dropped 50%, their stock market lost 90% of it's value, and unemployment tripled. The credit rating for Icelands debt dropped from A to BBB. If we did the same, it would be an utter cluster.
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