“ Default is unthinkable.
We are the United States of America, and we pay our bills."
- US Treasury Secretary, Timothy Geithner -

The date to note is 02 August 2011. It is not hard to miss the debt crisis as it is constantly being reported on TV, radio or any medium there is. As American politicians wrangle, the world awaits with bated breath. Financial markets and investors are all hoping that the world can avert this "death" crisis. I certainly am one of them as any default is bound to send shockwaves around the world and may well herald another GFC (Global Financial Crisis).

Nonetheless, I believe that the Republicans and the Democrats will reach a compromise. Fingers crossed.

If you're a financial novice like me and wish to know more, check out this Factbox by SBS World News Australia.