Reneging on its debt obligations would make the U.S. the first major Western government to default since Nazi Germany 80 years ago. Enlarge image U.S. May Join 1933 Germany in Pantheon of Deadbeat Defaults On a rainy 13th day of a government shutdown with a possible debt default looming, the Senate comes into session but the House is closed, on Capitol Hill on October 13, 2013. Photographer: Melina Mara/The Washington Post via Getty Images U.S. Rep. Rigell on Budget Negotiations6:36 Oct. 14 (Bloomberg) -- U.S. Representative Scott Rigell, a Virginia Republican, talks about the outlook for negotiations over the U.S. budget and debt ceiling. Rigell speaks with Betty Liu on Bloomberg Televisions In the Loop. (Source: Bloomberg) Germany unilaterally ceased payments on long-term borrowings on May 6, 1933, three months after Adolf Hitler was installed as Chancellor. The default helped cement Hitler’s power base following years of political instability as the Weimar Republic struggled with its crushing debts.
Posted on: Tue, 15 Oct 2013 01:17:14 +0000