They will raise the debt ceiling, but raise it enough to get through to the next presidential elections late in 2012... What happens after we reach the new ceilng wall? Then what happens after that...
The US credit rating and the US dollar will keep falling and the printing press will keep going, leading to hyperinflation, leading to all US dollar commodities going higher and higher... that's what will happen...
It's like passing the parcel to the new boss, until of course when the music stops, then that's when the .... hits ... fan...
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