When you read this, if you ignore the words ‘United States’ this could be an African failed country.
Bernanke warns of catastrophe if debt limit not raised
(Reuters) – Federal Reserve Chairman Ben Bernanke on Thursday issued a stern warning to Republican lawmakers that delays in raising the
United States’$14.3 trillion debt limit could have "catastrophic" consequences."Beyond a certain point …
the United Stateswould be forced into a position of defaulting on its debt. And the implications of that on our financial system, our fiscal policy and our economy would be catastrophic," he told the National Press Club.
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Bankwatch 
Sounds like a bunch of fancy Fed talk obfuscating the truth: “Ponzi scheme.”
The US debt is a ponzi scheme. 10% of US debt is held by the Fed .. they are front running their own debt offerrings.
You could also call it a “scorched earth” policy. Much like a retreating army, they are leaving nothing for whomever comes along next.