It is obvious today that America has defaulted on this promissory note, insofar as her citizens of color are concerned.

But although they may lose their jobs and default on their loans, they will not be troubled by collapsing asset prices because they do not own assets.

The real danger is that prices could fall substantially further if there are widespread defaults and foreclosures.

These developments have reduced the risk that a default by one of IBRD's largest borrowers would impair the Bank's ability to carry on with its mission of reducing poverty around the world.

They know their customers' credit scores, credit histories, what they buy, when they buy, and when they are likely to default on their payments.