I was struck by one sentence in Damien Cave’s New York Times analysis piece (10/16/13) on international reactions to the possibility of a US default:
Many people in countries like Greece, Argentina, Mexico and Russia still have searing memories of defaults and their lasting effects, including lost power.
It’s true that Mexico’s default on its debts in 1982 was followed by years of hard times, known as the “lost decade.” But Argentine and Russian memories of default are far less “searing”—in both countries, rejection or suspension of debt obligations was followed by years of solid economic growth.
Here’s a chart of Argentina’s GDP before and after its December 2001 default:
Does that look like something that ought to be haunting the Argentine people? If there were “lasting effects,” they appear to be quite positive. (See Extra!, 7/12.)
Likewise, here’s how the Russian economy fared after its August 1998 suspension of debt payments:
Memories of default are not too searing in Russia, then, either.
As for Greece, it never really defaulted—it reached a voluntary agreement with creditors in 2012 to restructure some of its debt, but not enough to significantly improve its debt-to-GDP ratio. After this non-default, the Greek economy has continued to head downward: 
This does not mean, of course, that the United States should default—given the dollar’s status as a global currency, the consequences of a US default are likely to be quite different, though perhaps not as disastrous as commonly portrayed. Perhaps the real moral is that countries of all sorts should be skeptical of economic advice they get from the New York Times.
Fudging the facts has always been the default mode for the corpress, hasn’t it?
How much advertising does Wall Street buy in the Times?
absolutely idiotic defense of default. by comparing countries with totally different economies solely by GDP, you’re arguing against yourself. Ask those in Argentina about the effect of a lack of FDI, for one example.
I suppose the consent manufacturers (i.e. the press) are next going to argue for genocide because it wasn’t so bad in Yugoslavia and Rwanda.
I am not a fan of Obamacare. The Obama administration had an overwhelming mandate in 2008. They could have put single-payer, which the majority of Americans favored, on the table. The ACA is going to leave half of the poor still without insurance because of the provision allowing states to opt out. On a selfish note, as self-employed people my wife and I will have to pay a lot more in our premium because there are no real limits on how much the insurance companies can charge. In other words, the middle class will be forced (via penalties) to subsidize insurance for half of the poor.
Having said that, the ACA is the law of the land now and I respect it. It is appalling that a magazine of repute would defend infantile behavior by a group of fanatics who are holding the world hostage in order to reverse a law that was passed by Congress and vetted by the Supreme Court!
There you go again…..Lets make this crystal clear.Everytime Obama or any political leader used the very word default,there should of been a sign blinking over their heads ,that said BIG FAT LIAR!We never ever ever had a chance in a million of defaulting on our debt.So now you know the truth.Your president(who used the word and the threat of default many times)is a serial liar.You see we take in 10 to 20x what we need to service our debt in taxes alone.Now if he would of said “I will let this country default before I remove dollar one from any of my programs like Obama care”I would of believed him.We see what just happened.The tea party asked that he and his legislative branch go on Obama care and they would fund the government.He said no.A thousand times no(who can really blame him?)When they said they wanted to investigate why Obama care is now 4x the promised cost and not resembling what was sold us…the classic bait and switch he said I will let this government close before I negotiate ANYTHING.Well actually that is a lie.He said he would negotiate” everything “once the gun was removed from his head(it has been).Word is he is now reneging on that promise as well,and reverting to usual post lie Obama decorum.I won and I now I am moving on.What we all have to get better at seeing in the Limbaugh therum(named after Rush Limbaugh)This therum point to a simple fact.Nothing Obama does can be attributed to him.Every failure is some one else’s fault.His middle name is deniability.His very biological structure is jello that one finds hard to nail to a tree.So even though he often brought up the specter of default…no one really heard that whopper of a lie.In fact he never said it don’t you know.And his lap dog press…..well they are not going to point out the lie.Let me write their front page headline”.President,Reed,and Pelosi, lie bold face to America by bring up the notion of default.What else have they been lying about?”That would start the healing of this nation.Clean the wound.Of these parasites!
Oh free spirit….Jesus Mary and Joseph you just fulfilled the Limbaugh therum.WE TOLD YOU premiums would skyrocket.You said they would go down by 20%(if you bought Obamas crap load of lies)But still who do you blame….the insurance companies.If you new anything on the subject you would know that insurance has to go up because of the levers being manipulated by the government.WE told you this would happen as he lied on the campain trail.Now it has………AN ITS SOMEBODY ELSES FAULT?Jesus I spoke for three years against Fanny and Freddy and what would happen when it collapsed.I knew you would blame the banks,or wall street,or the jews.Whatever sticks.Do you know how sick people are becoming about those who wont put the blame where it belongs?When the private insurance opts out of the market place all together(coming soon to a theater near you)who will you blame for the sky rocketing costs then/Oh it will be us(the Doctors).Then when we are absorbed and controlled who next?The pharm. companies right?Then once that is nationalized and prices still climb who is next to blame.You are walking down the isle of the bus blaming every God damn passenger for the crash.And the driver in INVISIBLE to you lot.And he is laughing while he empties your pockets because you can’t see him.Im gonna say it.You libs are fast becoming as dumb as a box of rocks.i could sell you swamp land.I could steal the teeth from your mouth and promise you riches from the tooth fairy.I could step on your foot and punch you in the face over and over again while I told you the other guy did it.I could do all that and more…If my name were Barrack Hussain Obama.