On January 10, this year, I wrote “…the U.S. government will not default on its bonds.” And: “Therefore, as usual Congress will raise the debt limit again.” That’s up next (in May) after this little tussle in which Congress did nothing significant about the fiscal gap. The U.S. remains on a collision course with the capital markets. That collision will produce a discontinuity. The government will use that as an excuse for radical measures. A lot of wealth that Americans are counting on will be revealed to be absent or gone or a mirage. It just won’t be there, and a lot … Continue reading No Default Will Be No Surprise Come May