The American television drama, complete with clocks ticking toward a default Armageddon, has finally ended. It was always more theater than real crisis. Markets rightly guessed that even US politicians would balk at responsibility for default. The dollar has weakened, but there has been no mass flight from US bonds or a repeat of the contagion which followed the collapse of Lehman Brothers in 2008. Those who wanted to flee the US bond market have few places to go other than speculations like gold. But meanwhile the US has made a fool of itself and raised the long-term cost of government borrowing.