“‘Most importantly it will allow us to avoid default and end the crisis that Washington imposed on the rest of America. And it will allow us to lift the cloud of doubt and uncertainty.’

“President Barack Obama, speaking after Republicans and Democrats agreed to raise the debt ceiling in a five-to-midnight deal that avoided an unprecedented US default on its debt.

“But as today’s global market carnage might indicate, was the deal too late? What are the longterm implications for economic policy?” Read the rest of this article from The Conversation.com to see what four international experts foresee in the aftermath of last week’s debt ceiling debacle.

There is a down side to debt: Inflation

If you are brave enough and really want to see what’s going to happen, read this column, too: “Of debt and US dollars: when bad money chases out good.”

We are not alone in this world; inflation will happen here too. It’s another way that our elected “public servants” are extracting the life blood from what used to be America’s working class.