Key phrase: "revolutionary Marxist government in Washington"
The London Review of Books (admittedly not a typical source for financial news, more famous for its distinctively weird personals column) has a highly readable article about ‘end of the world’ credit trades and the makings of the meltdown.
Update: does anyone know where I can get in on that end-of-the-world trade? For twenty thousand bucks a year, sure, I’ll take the risk that a revolutionary Marxist gets elected. Heck, even Venezuela hasn’t seen the levels of defaults that they’re talking about.