It would cause an instant liquidity crisis that would lock up credit and securities markets. The federal government would be forced to backstop large market par

It would cause an instant liquidity crisis that would lock up credit and securities markets. The federal government would be forced to backstop large market participants as years of suppressed price discovery was unleashed, decimating balance sheets worldwide. This would result in a fundamental rebalancing of apparent value, which those withholding payments would have a primary hand in influencing.