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<p>[QUOTE=&quot;medoraman, post: 1203617, member: 26302&quot;]But there are dire consequences. Destroying working capital for industries, (since the banks will have all reserves destroyed by a default and many would fail outright), would lead to massive business closures. This would cascade to a second round of failures in support industries. I would easily see 30-40% unemployment in a couple of years in the even of an outright US default, and banking failures so high that FDIC could not protect depositers, (and the US could not borrow and help the FDIC cover the losses). </p><p><br /></p><p>I am not saying you are wrong Cloud, just that there IS no good outcome either way, and either way the middle class suffers from their politicians spending the countries wealth as they have already.[/QUOTE]</p><p><br /></p>

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