THE United States, as we have frequently been reminded in recent days, still belongs to a small club of nations that in modern times have never intentionally defaulted on their debts. But to understand the short and long-term effects of its government's recent brush with financial Armageddon, it is important to realise that more was at stake than a good payment record.
Confidence in America derives not just from its sustained economic growth over the past century, but also from its ability to reconcile the nation's diverse political views.
This is now in jeopardy.
The US has always been a nation that has set a standard. Its emergence in the 20th century as the bearer of the world's reserve currency...
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