By Dave Winer on Sunday, July 10, 2011 at 11:46 AM.
I don't think people appreciate how much our way of life is subsidized by the fact that the dollar is the reserve currency. Once that's gone, and a default will kill that for good, we're hosed.
As is the rest of the world. People are so hungry for a safe place to park their money they're willing to loan it to the United States for virtually no interest.
Once that option is gone, where will they go for safety? There really is no other place to go.
The President and the Republicans keep likening our economy to a family. Tightening your belts in hard times, and all.
Well, if you like that analogy, it's as if our family is in the bagel business, and we don't even know it. And we're about to store a bunch of used Porta-Pottty's in the same place we make the bagels. What do you think that'll do for the family business??