More Which Way Is Up Problems in Washington

We know that the people who conduct and write about economic policy are not very good at economics, otherwise we would not still be mired in this downturn almost six years after the start of the recession. The Washington Post gave us another example of the incredible confusion that dominates Washington debates in its coverage of the budget and debt ceiling standoff.

The piece warns that a debt default could jeopardize the status of the United States as the world's reserve currency. At one poi...