Earlier today, President Barack Obama almost dared Republicans to not increase the nation’s borrowing limit in a White House press conference.
“If Congressional Republicans refuse to pay America’s bills on time, Social Security checks, veterans benefits will be delayed,” Obama said. “… Investors around the world will ask if the United States of America is in fact a safe bet. Markets could go haywire. Interest rates would spike for anyone who borrowed money.”
One analyst — Michael Feroli, the chief economist at JP Morgan — speculated what such a situation might look like, specifically if the U.S. missed a payment to bondholders.
It “would be like the financial market equivalent of that Hieronymus Bosch painting of hell,” Feroli told the Washington Post.
The painting is titled “The Garden of Earthly Delights” and is believed to have been painted by Bosch sometime between 1490 and 1510.
Here’s what that painting looks like. The far right panel is the “hellscape.”
Photo: Wikimedia commons
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