Articles

The short answer is yes. For the long answer I will make you sit through seven paragraphs.

Finance is built on trust. It is based on promises about tomorrow, often paper promises backed by nothing other than words on a page. When trust in those promises breaks down, so too does the financial system. That is the lesson of thousands of years of history.

The United States government openly flirting with a default on its debt is, to the financial system, like a Pope wondering out loud about the existence of God.