With the political deadlock between the White House and the Republican-controlled Congress entering the second week and the federal shutdown showing no signs of going away soon, fear is being expressed internationally that the crisis is likely to spill over into the rest of the world. Apparently panic-stricken, China has lectured the US on the need to honour its commitment to debt servicing and issued a dire warning that the failure on the part of Washington to do so would lead to an international financial calamity of unprecedented proportion. Yes, the global economy will be sent into a tailspin in such an eventuality.
