“The only thing holding up the worlds economy is confidence.”
Excuse me, but why would us borrowing more than we could ever repay give anyone confidence?
Because 99% of the worlds population doesn’t have the foggiest. All they know is that when they swipe their credit/debit card it works. The money people have confidence that the funny money they are printing will be honored. With a default the chinese economy will collapse along with the Russian and so on.
There’s no reason for a default except to crash the economy so it can be remade.