Then there is this from Dr. Martin D. Weiss, an opinion with very real implications. I believe we come to an agreement in the 11th hour, but even then it's just a bandaid until and ultimate resolution presents itself in the form of an inevitable taper, or.....it doesn't/can't happen in a timely fashion (or ever) and this becomes a very real outcome:
Scenario #5
Global bond investors rise in rebellion, dump their U.S. bond holdings and force a government contraction
What's unique about this scenario is that it has happened before — in 1980, under the Carter administration.
The federal budget deficit was huge, although not nearly as large as today's.
Consumer inflation was taking off due to years of aggressive easy money by the Fed, although not nearly as aggressive as the Fed's massive money printing and bond buying of the past five years.
There was fear of a hotter cold war, although not nearly as intense as today's fears.
In response, bond buyers went on strike. It was virtually impossible for the United States government to sell its bonds at virtually any price.
Big U.S. government security dealers on Wall Street — such as Salomon Brothers and Merrill Lynch — found that they could not even sell small lots of bonds in the market. There were simply no buyers.
Other dealers, afraid of losses that would wipe out their capital, closed shop.
U.S. bond prices plunged uncontrollably — as much as five full points in one day. Interest rates skyrocketed — to nearly 17 percent for U.S. Treasury bills. The bond market virtually shut down, threatening to shut down the entire government — even the entire nation.
Can this happen again? Absolutely. In fact, among all the scenarios now before us, this is ultimately the most likely.
Indeed, most other scenarios may turn out to be little more than sneak previews that lead to this final outcome.
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