Trading Around America’s Debt Ceiling

As Kevin McCarthy made clear this week while doing his best Ronald Reagan impression at the NYSE, the risk of a debt ceiling "accident" in the US in 2023 is very high. "Accident" is something of a misnomer. Any US default would be intentional -- a voluntary default. The US can't default on dollar debt involuntarily because the US issues dollars. In one way or another, all debt is payable in dollars so, generally speaking, the US can't default on anything involuntarily. The "accident" bit thus r