WASHINGTON (MarketWatch) — If the U.S. were to default on its debt, it would be catastrophic occurrence that would snowball, a top U.S. banker said Wednesday.

“If anybody wants to push that button, which would be catastrophic and unpredictable, I think they are crazy,” J.P. Morgan & Chase Co. Chief Executive Jamie Dimon told a U.S. Chamber of Commerce gathering.

Don't know personally how catastrophic defaulting on the debt would be, but it would certainly have some major impact. The effects of being down graded would have some adverse impact on financial markets and the dollar surely. Any thoughts?

Of course JP Morgan would say that. They would be devastated by a US default. I see that as a good thing.

They don't care about their manufactured economy...
All they care about is setting a dangerous precidence for regular folk to get out of their debts...
The banks can't have that!

It's bad enough the Sovereign Freedom movement has passed around enough information now that thousands are getting out of their debts without penalty.