The U.S. is just three days away from defaulting on it's debt, making it the first major Western government to default since Nazi Germany 80 years ago. On May 6, 1933, three months after Adolf Hitler was installed as Chancellor, Germany unilaterally stopped paying its debt.

Failure by the world's biggest economy to pay its debt in an interdependent globalized world comes with an array of devastating consequences that could impact stock markets from Brazil to Zurich.

After a weekend of failure to broker a deal, Senate leaders of both parties are reconvening negotiations to avert a U.S. default after a halt in burrowing authority takes effect October 17.

Texas Senator Ted Cruz, who heads the quixotic campaign to defund Obamacare is at the forefront of the government shutdown. “I will do everything necessary and anything possible to defund Obamacare," he has repeatedly stated. Cruz may be soon disappointed as a nexus of productive activity appears to be in the Senate.

Read more at The Wall Street Journal.

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