Reuters has China warning the US that a treasury default would be playing with fire. The Republicans are using it to strong-arm Obama into serious social budgetary cuts.
Had I the billions in treasuries that the Republicans are ready to default upon I would offer, "If you are unable to manage things, and meet your obligations as and when they fall due, I will help you. I will take over the administration of the USA, on behalf of the people, will tax the rich, continue the Social Security programs, begin new infrastructure works and make sure all treasury obligations are also met." I dare say there would be a media furore, I would be public enemy number one, I might even find myself assassinated, but surely the American people would prefer that to China making a similar move, saying, "We have agreements with you, our system works, we prosper, pay our debts and grow. You and your Capitalism must have grown too old - died! It is time to live under our rules"?