“MS on US default”

IMHO, люди completely miss the point.

Ask Not Whether Governments Will Default, but How.
The sovereign debt crisis is not European: it is global.
And it is not over.

The idea is, that we have a global fiscal crisis.
Global crisis welfare state.

And everyone understands perfectly well that:
* commitments will reduce
* taxes Increase

best case scenario:
* change the system (how?)
* well, or demographics will improve (how?)

debt / GDP is watched precisely because, what is the state's income, this is a function of GDP and this is solvency.
service / income – it's liquidity. and temporary structure of debt.

everyone understands, that in the long term developed states are insolvent (in current conditions).
everyone understands, that in the short / medium term, developed states do not have problems with liquidity.
what are we talking about then? right, about the market. and the market deeply cares what you have with solvency / liquidity.
market, he either panics, either rejoices, or he doesn't care. and it is weakly dependent on indicators.

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