I’m not sure how someone who owns the printing press defaults on bonds denominated in dollars. The fed, can always add more dollars to their ledger and then spend them buying treasuries, which gives the treasury dept money to spend. I fail to see why or how they would default as long as they continued to do that. That’s the beauty of a fiat currency. Those who control the printing presses can make as much of it as they want.

The default comes when the creditors say “No, thanks keep your pixel money”. After a while it just becomes silly.

A better slogan for Obama’s campaign would have been *Change you can’t believe*