In the previous video the US flag falls over while Congressman Michelle Bachman speaks. If she has her way on the debt ceiling it won’t just be the flag that falls.
“…that’s basically the end of the United States as the world’s reserve currency. We won’t be considered safe enough to serve as the investment of last resort. We would lose the most important advantage our economy has in the global financial system and we’d probably lose it forever. Skyrocketing interest rates would slow our economy and, in real terms, make it even harder to pay back our debt, which would in turn send interest rates going even higher. It’s an economic death spiral we associate with third-world countries, not with the United States.”
And yes, for the record Senator Obama also voted against raising the debt ceiling. Then again, his vote was only symbolic.
