The top 1% just got richer.
The Fed will not allow a default, but like the bogus bond purchases,
they'll simply monitize the debt. While bond purchasers will get paid, the
influx of newly printed cash will devalue the dollar, causing the economies in
many countries who rely on the the stable USD as the defacto currency, to
collapse. I would suspect that the USD would then be soon replaced as
OPEC's reserve currency by another currency.