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The bigger worry is whether the U.S. government will be able to borrow in the future, and whether this fight is merely a precursor to a battle over the debt ceiling. A fight over raising the U.S. borrowing limit in 2011 prompted a downgrade of the U.S. credit rating and a 19 percent fall in the S&P 500.
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That is why the consequences of a default may not be what we imagine. Yes, such an event would likely trigger a financial market panic, and yes, rates would spike in response, forcing a series of consequences as those holdings were marked down to reflect changed market prices. But very quickly, another reality could take hold: because the crisis is purely self-inflicted, the ability of the United States to generate sufficient output to meet its obligations would not have been altered.
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When asked if there is a prenuptial agreement, the source familiar with the wedding arrangements said that Soros's lawyer, William D. Zabel, reiterated his comments from last year that "Soros will leave the bulk of his estate to charity but he intends to provide generously for his wife."
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All the more extraordinary then that he marks his retirement a week today after 22 years as de facto head of the Jewish community, with an interview which covers some of the most contentious political topics; gay marriage, the Middle East, and “trolling” on social media.