<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto"><div>On May 11, 2016, at 10:41 AM, Rafal Smigrodzki <<a href="mailto:rafal.smigrodzki@gmail.com">rafal.smigrodzki@gmail.com</a>> wrote:</div><blockquote type="cite"><div><div dir="ltr"><div class="gmail_extra"><div class="gmail_quote">On Wed, May 11, 2016 at 1:31 PM, John Clark <span dir="ltr"><<a href="mailto:johnkclark@gmail.com" target="_blank">johnkclark@gmail.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div>(about Ted Cruz)</div><div class="gmail_extra"><div class="gmail_quote"><div><br></div><div><div style="font-family:arial,helvetica,sans-serif;display:inline"><font size="4">By trying to default on the national debt and collapse the world economy. </font></div> </div></div></div></div></blockquote><div><br></div><div>### Another Mother Jones story?</div></div></div></div></div></blockquote><div><br></div>I'm no fan of Trump, Cruz, or any Republicans (or Democrats or Krugman for that matter), but I do not believe repudiating the US (or any other) national debt would collapse the world economy. It would definitely shake it up and cause a lot of pain, but I believe that would be over quickly -- depending on what else happens. I'm not being snarky here either. If the basic policy were repudiate and don't try to make any further radical changes (in the direction of more interventions, that is), I think the pain and confusion would be over rather quickly -- maybe in under two years.<div><br></div><div>One positive effect such repudiation would have is making lenders more wary of lending to nation states in the first place, especially to First World ones with massive mercantilist apparatuses.<br><br><div><div id="AppleMailSignature"><div style="line-height: normal;"><span style="line-height: 20px; background-color: rgba(255, 255, 255, 0);">Regards,</span></div><div style="line-height: normal;"><span style="line-height: 20px; background-color: rgba(255, 255, 255, 0);"><br></span></div><div><div style="line-height: normal;"><span style="line-height: 20px; background-color: rgba(255, 255, 255, 0);">Dan</span></div><div style="line-height: normal;"><span style="background-color: rgba(255, 255, 255, 0);"> Sample my Kindle books via:</span></div><div style="line-height: normal;"><a href="http://author.to/DanUst" style="background-color: rgba(255, 255, 255, 0);"><font color="#000000">http://author.to/DanUst</font></a></div></div><div><br></div></div></div></div></body></html>