Didn't Greece, Rome, the Soviet Union, Spain, France, and the UK once have empires, too?
Americans scream that there would be no downsides if the USA defaulted on the debt, but wouldn't China and Japan be angry about not getting their money back?
Will businesses and Americans who bought US bonds be upset about being ripped off? Wouldn't companies who get fleeced need to lay off workers and shut down?
Wouldn't banks that bought worthless US bonds be able to pay back bank customers?
Would anyone be willing to loan the US government money again if the government defaulted? Where would the government get the funds to pay for Social Security and wars without huge tax hikes?
Couldn't a massive economic collapse caused by the US government defaulting on loans result in riots, chaos, bankruptcies, electrical and water failure, starvation, civil war, martial law, concentration camps, and WWIII?