print to infinity - us debt ceiling suspended , page-6

It is not complicated to think what will happen. Sovereigns (including the US) will simply default. I guess all the bond holders will get a Greek haircut. Then the banks will teeter. And the depositors will get a Cypriot bail in.

So, in the end, the common man will pay like three times

1) inflation rips the guts out of his salary
2) even after sovereign haircut, taxpayer (well, their babies) will pay forever the sovereign debt
3) the depositor will lose some/all of their deposits

The only people who dont lose are the banksters and the politians. Funny that.