Go Ahead and Default

Headlines are awash with the dire threat of "debt cieling default" oh my! The US could run out of money to pay off the interest on its 31 trillion dollar debt and The Market is not at all pleased. The Market will just crash everything if it is not satisfied with the outcome of negotiations. The Market will send us all into bread lines. It will kick us out of our homes and make us fight one another for scraps. But still we worship The Market. Sure, it is a harsh mistress, but we love our subservience, the joissance of grovelling before a punishing dominatrix. This is the capitalist subject in a nutshell. All this handwringing over global economic collapse, oh my! This is heretical ultra-left talk I know, but I say bring it on. Heighten the contradictions. What is there really left to lose? Capital is on an ecocidal mission to bring about system collapse as soon as possible. Why not help it expedite the process while there is still something left to salvage? Oil companies would stop drilling, the thing everybody wants. Capitalist institutions would lose legitimacy, the thing everybody wants. Everybody wants A revolution but everyone fears THE revolution. One option being floated is for the US treasury to mint a 1 trillion dollar coin and deposit it with the Fed. That's how insane capitalism is. That's the system everyone swears undying fealty to. Could we end up with something worse? Perhaps. But it could never be less rational. Global debt, post COVID, has reached 300 trillion. We're talking serious cash! Let's see Republican debt hawks wrap their heads around that number. We're taling 349% leverage on GDP, about $37,500 per human. Just servicing the debt rose 3 trill in 2022. Who gets all that interest? Where is all that dough? Anybody?