On 2012-11-26, at 8:57 AM, Carrol Cox wrote:
> What would happen if the U.S. government simply repudiated its national
> debt?
>
> Account for the U.S. military in your answer.
>
> Account for employment in China in your answer.
Faced with a catastrophic crisis of the world system, international capital, led by the US bourgeoisie and backed by and the US armed forces, would overthrow the administration, imprison the President and Treasury Secretary, promptly repudiate the debt default, and reassure all of its big creditors, particularly the banks and big institutional investors at home and abroad, that the US government would continue to honour its obligation to credit their accounts by keystroke. As the entire operation would be completed in under an hour, Chinese and other employers would not have enough time to panic.