COMMENT: Summary from the article in my mind: "The US debt limit was intended to provide some discipline, but it has become – like the link to gold that has been abandoned – an uncomfortable constraint on the spending aspirations of politicians and their desire for ever bigger government.
It is important to recognise that the debt limit hasn’t just been raised — this time it has been suspended. It reminds me of President Nixon’s declaration on August 15 1971 to “suspend temporarily” the dollar’s link to gold."