Even in 2013, a year of partisan rancor, Democrats and Republicans agreed to suspend the US federal government’s debt ceiling just a week before the Treasury ran out of cash reserves. But this year might be different.
BERKELEY – In 2011, when still vice chair of the US Federal Reserve, Janet Yellen reassured her colleagues that drama around the federal government’s debt ceiling “usually turns out to be just theater.” Theater of the absurd, one might add. A decade later, the debt-ceiling debate is shaping up as a tragedy for the ages.
The Bretton Woods Credibility Crisis
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