No compromise, copper ... or the kid gets it

John Carney, a senior editor at CNBC.com, writes in The Atlantic that the "White House insists the U.S. government will not be able to stay current on all of its obligations as of Aug. 2 unless the debt ceiling is raised. But can the government of the United States ever really run out of money?" No it cannot, he concludes. "It can only run out if it decides--that is, if Secretary Geithner and President Barack Obama choose--to stop writing checks sufficient to pay all of our obligations." Get it? There's no problem. It's all in Obama's mind. Carney makes a number of technically correct points. Some are kinda compelling. But perceptions drive the Dow Jones Index (see this week's 300 point drop). As money monks are wont to do, Carney completely ignores the gargantuan psychological impact a U.S. credit default would have on the financial markets, both here and abroad. Not to mention the accompanying political implosions. The day after, as Carney implies to the contrary, won't be business as usual. So, in the end, Carney's piece amounts to a cogently written suicide note to which the Tea Party Mad Hatters can eagerly affix their signatures. (Thanks, John!) But this order of business would be addressed only after the hostages, me and thee, are dispatched by the "no compromise" dunderheads in Congress.