Yes, I know pericles, it seems impossible to comprehend.
>But which American government would choose to default?
From what I have read, the government does not get a say in the
matter. The same as here, the parliament grants supply.

Even the US government does not believe the Republicans will take to the end.

However one senator over there said, "They would be mad to refuse"
They are not mad are they ? Are they ?

What they seem to be worrying about is that the Republicans vowed in
the election they would stop further increases in the debt.

From what I read it is down to the wire about now.

Bazz:>>OMG !
Hmmm, what can I say ?
Anyone who thinks there will be a world wide plot run for the few does not understand the longer term implications of energy depletion.<<

OMG, anyone who believes the few who control everything will sit around and allow humanity as it is now to further plunder limited resources do not understand human nature. These people talk in terms of human husbandry and if you believe they will not do it, I can only say I hope you are correct and I am wrong.

Here is an item in the NY Times about the US debt limit.

http://www.nytimes.com/2011/01/07/business/economy/07debt.html

They seem to think the problem is real.

That's all just political point-scoring and opposition grandstanding, Bazz. It's what they do.

>>Here is an item in the NY Times about the US debt limit... They seem to think the problem is real.<<

Of course the problem is "real", as you put it, no-one is suggesting that there isn't a problem. Certainly not me.

But there is a zero chance that the opposition would force the US into debt default. Zero.

As the article points out, "A failure to increase the limit in time would force the Treasury to default on legal obligations and payments to bondholders here and abroad... causing catastrophic damage to the economy... threatening the dollar and stopping payments for a range of federal benefits, including military salaries, Social Security and Medicare."

Any political party that caused that to happen would be unelectable for decades.

This, on the other hand, is what the fuss is all about:

"Republicans have said that they will try to force President Obama to accept deep cuts in domestic spending as the price for enough Republican votes to lift the limit."

A bit of chest-beating, a bit of brinkmanship, a bit of shooting from the lip - move along, nothing to see here.

Bazz, I watched the Richard Heinberg seminar and found it a factual retelling of the drivers to economic growth and the reasons that the debt trap has engulfed the first world. Nothing insightful for me, but certainly succinct and factual.

The only comment I would make is that the transition philosophy is in the most part a consideration of how to manage the existing resources given the existing draw on them, therefore the existing system of capital and debt and it's movements in a future with no growth is at the base. But as I said I believe there is a movement to control and manage humanity globally and I believe one of their solutions is de population and a New World Order where the embedded chip is the only currency.

The solution to globaisation is bring back protectionists policies, if we consume it we make it in house, but that is contrary to the master plan of making first world nations impotent, that is why we have international tariff free trade.

Sonofgloin,I urge you to see http://secretofoz.com/ You can download a free version but send something to Bill Still for this brilliant doco that has won the International Biff Award for best documentary in 2010.

'The Wizard of Oz' by L Frank Baum,was written during the height of another great depression of the 1890's.There was a hidden economic meaning there,which we have all missed.In the book, Dorothy had silver slippers,not Ruby in the 1930,s movie with Judy Garland being the star.The US economy was booming with the freely available silver currency,but the elites in England made gold the currency and sent the US people on the yellow brick road of debt slavery.The elites had all the gold and reduced the amount of money in the economy by 80%.In the 1930's the monetary supply was reduced by 30%.In this contrived depression it was reduced by 40%.That is why the US Fed is creating unpresidented amounts of cyber money which will eventually destroy our economies.

There is no doubt in my mind what was the real intent of L Frank Baum in 'The Wizard of Oz'.So make the effort,view it and spread the word.