Republicans are defunding the US, not China
House conservatives have devised a “new and improved” threat to the world economy if their demands are not met. Once again, they vow to vote against raising the cap on U.S. debt if desired cuts in government spending are not made. Once again, they insist their plan would not crash the world financial markets, because it would guarantee payments to holders of U.S. debt. Only Americans expecting to be provided certain government goods and services would get stiffed. (That the U.S. debt is tantamount to a balance already on the national credit card does not seem to have gotten ...