10 ms·

If chicago defaults it's rather harder to seize it's assets. The USS Nimitz is something of a deterrent to even the most ruthless repo men.

• enko 16y ago
  Cute, but no-one is going to try to seize any "assets", whatever you are imagining they might be. What will happen is instead this: that the Fed would bail them out to avoid a chain reaction, or that the state will have to go to the IMF, cap in hand, and accept an austerity program in return for further assistance, just like any other state that can't pay its debts. The Nimitz, I'm afraid, is not going to be doing much of anything except its normal trick of sitting there and costing USD$440k per day.
  • anamax 16y ago
    > that the state will have to go to the IMF, cap in hand, and accept an austerity program in return for further assistance, just like any other state that can't pay its debts. Will the IMF loan to a US state?
    • kjhmkghn 16y ago
      If they had nuclear weapons they might !
• tptacek 16y ago
  Chicago runs a deficit, but it's a fraction of Illinois'; Chicago isn't what's going to default.