????債務(wù)上限的千年蟲(chóng)危機(jī)

????據(jù)很多交易員稱(chēng)，華爾街的計(jì)算機(jī)系統(tǒng)通過(guò)自動(dòng)程序?qū)⒚绹?guó)政府的利息支付轉(zhuǎn)給債券持有人,。甚至可能在這些資金尚未到賬的情況下,。不同于其他債券，這些計(jì)算機(jī)沒(méi)有設(shè)計(jì)程序先檢查支付資金,，因?yàn)槊總€(gè)人都假定美國(guó)政府會(huì)按時(shí)付款,。這下糟了。

????如果美國(guó)政府停止支付,，大銀行可能得拿出自己的現(xiàn)金來(lái)支付這些并不屬于它們的債務(wù)的利息,。這可能造成一些交易商遠(yuǎn)離美國(guó)國(guó)債市場(chǎng)，讓美國(guó)國(guó)債交易更為困難,?；蛘撸赡苷紦?jù)銀行體系資金,，導(dǎo)致銀行難以進(jìn)行借貸和交易,。

????另外一個(gè)問(wèn)題：交易員利用美國(guó)國(guó)債為衍生品和其他交易提供融資,。通常情況下，美國(guó)國(guó)債的利息可以覆蓋這些交易相當(dāng)一部分的持有成本,。支付轉(zhuǎn)移也被設(shè)置為自動(dòng)完成,。因此，美國(guó)政府違約可能導(dǎo)致其他很多交易員自動(dòng)違約,，觸發(fā)可能造成各個(gè)市場(chǎng)暴跌的拋盤(pán)浪潮,。結(jié)果將是一片混亂。

????Debt ceiling's Y2K-like problem

????According to a number of traders, Wall Street's computer systems are programmed to automatically pass along U.S. government payments to bond holders. Even, perhaps, if those payments aren't made. Unlike other bonds, the computers aren't coded to check for the payments first, because everyone assumed Uncle Sam would always pay on time. Oops.

????If the government stops making payments, big banks could be shelling out their own cash to pay interest on debt that's not theirs. That could cause some dealers to back away from the Treasury market, making it harder to trade U.S. debt. Or it could just be a drain on the banking system, making it difficult for banks to lend and trade.

????Another problem: Traders leverage Treasury bonds to finance derivative bets and other transactions. Often the interest on Treasuries covers much of the carrying cost of those trades. And the transfers of payments are set up to be automatic as well. So a government default could lead lots of other traders to automatically default, triggering a wave of selling that could cause a variety of markets to tumble. It would be a mess.