Sure, defaulting on obligations is always an option. Who would be hurt in this scenario? Who are the lenders that don't get paid back? Are they banks? Ordinary

Sure, defaulting on obligations is always an option. Who would be hurt in this scenario? Who are the lenders that don't get paid back? Are they banks? Ordinary citizens saving for retirement? When those people don't get paid back, what are the second-order consequences? Is there a cascade of defaults when they can't make good on their obligations?