Investors seem to underestimate how dysfunctional US National Politics has become

"So far, investors have been complacent about the risks posed by the looming budget fight," said Nouriel Roubini. "They believe that – as in the past – the fiscal showdown will end with a midnight compromise that avoids both default and a government shutdown." "But investors seem to underestimate how dysfunctional US national politics has become," he warned. "With a majority of the Republican Party on a jihad against government spending, fiscal explosions this autumn cannot be ruled out." - in project syndicate