Current Events-Babylonian economy and its impact on the world

http://news.yahoo.com/obama-to-make-2-p-m--statement--take-questions-162609968.html

I dont quote yahoo as much but USAToday appears to have missed some key quotes by Bo.

President Barack Obama called an impromptu press conference Tuesday and warned House Republicans that a first-of-its-kind U.S. default would amount to an economic “nuclear bomb” dropped on the fragile economy.

He called that an “insane” policy that would have a “catastrophic” impact on the economy, spreading “chaos” and even precipitating a “worldwide catastrophe.”

To couple mainstream news with alternative news sources:

http://www.independent.co.uk/news/world/americas/get-your-fiscal-house-in-order-china-warns-us-as-asia-expresses-concern-for-13tn-of-investments-8864935.html

China, the biggest foreign creditor of the United States, has waded into the American budget crisis, warning Congress that it must resolve the political impasse over the debt ceiling without further delay.

The Chinese Vice Foreign Minister, Zhu Guangyao, told America’s deadlocked politicians on Monday that “the clock is ticking” and called on them to approve an extension of the national borrowing limit before the federal government is projected to run out of cash on 17 October.

“We ask that the United States earnestly takes steps to resolve in a timely way the political issues around the debt ceiling and prevent a US debt default to ensure the safety of Chinese investments in the United States,”  Mr Zhu told reporters in Beijing. “This is the United States’ responsibility,” he added.

Furthermore, from another alternative news source:

http://www.infowars.com/12-very-ominous-warnings-about-what-a-u-s-debt-default-would-mean-for-the-global-economy/

A U.S. debt default that lasts for more than a couple of days could potentially cause a financial crash unlike anything that the world has ever seen before.  If the U.S. government purposely wanted to damage the global financial system, the best way that they could do that would be to default on U.S. debt obligations.