The Treasury Secretary Timothy Geithner, and many economists were saying that if the US doesn't raise the debt ceiling, they are going to default, and it will be catastrophic for the US and the world. (They have raised it, what, 6 times in 3 years?)
To me, this is an official admission that the US is running a Ponzi Scheme. The world has to loan them money or else they will default.
The end is near for them. Ponzi Schemes always end!
