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Debt ceiling default: No big deal?

from CFA Institute's Enterprising Investor

In the United States, debt ceiling negotiations — or the lack thereof — have become a biennial ritual over the last several years, replete with hand-wringing prognostications of economic doom and despairing cris de coeur over a “broken” political system. The recurring drama has had a number of ramifications, increased market volatility and a reduction in the US credit rating among them. more

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