It won’t happen because of who it would hurt. It would hurt the folks who are trying through QE to try to save themselves.
Who does QE hurt? Everyone who has income, or is at the stage of their life where they are trying to earn more.
Who does QE help? The folks who already have theirs and are trying to protect theirs. Default would mean destroying the bond holdings of the biggest owners, which are the unions.
This government would sooner hit 15 percent inflation than default.
It's going to get worse than 15%.
An option we don't hear discussed is an official devaluation of the dollar. Stroke of a pen, move a decimal point. You and I would get screwed, but the US government would benefit.
5 percent inflation than default. I'm not worried about 15 percent inflation per year. I'm worried about 15 percent inflation per day.