Hopefully the Fed is smarter than the Russians, an actual US Treasury default would be a cataclysmic event that would drive all risk premiums everywhere through

Hopefully the Fed is smarter than the Russians, an actual US Treasury default would be a cataclysmic event that would drive all risk premiums everywhere through the roof. I suspect that they will choose riding the inflation tiger and trying to terrify the politicians into some semblance of fiscal rectitude over seeing them just plain crap out on the debt. I also don't suspect that the Russians have anything approaching the political neutrality of the Fed anywhere in their government, nor have they ever.