"It's reasonable for the Secretary of State, reading that judgment as whole, (to find) no serious default was disclosed, " Mr Maguire said.
The barrister claimed the Secretary of State made an error in law by persistently interpreting the trial judge's conclusions as identifying no serious police default.
Having said that, I will only refer you to the comments I just made about how serious the prospect of default is for this country, for the United States of America, the most powerful and important economy on the globe, and a place that investors around the world look to as a safe harbor because we pay our bills.
And there are just so many other voices of authority out there in the field who I could point you to who also make clear that the August 2nd deadline is serious, the consequences of default would be catastrophic.
Most important, by changing international law, politicians would send a strong signal that they were serious about creating a procedure to deal with default.
The Basel club of regulators proposes to do just that by taking a type of debt at the bottom of the pecking order (known, confusingly, as Tier 2 capital), and giving supervisors power to write it off or convert it into equity without triggering a default if a bank is in serious trouble.
By November 2007, when the narrative ends, it was already clear to Mr Morris that this crisis was much more serious than the last big crunch, the 1998 Russian debt default and the bail-out of Long-Term Capital Management, an American hedge fund, by a group of banks under the Fed's direction.
In a series of papers for the Mercatus Centre at George Mason University in Washington, DC, Jeffrey Rogers Hummel and Arnold Kling argue that the American government will eventually default, if only because politicians will never agree on a serious deficit-cutting programme.
Nearly a year after it was bailed out by the European Union, Greece has been thrust back to the top of the agenda as its increasingly fragile finances put serious pressure on Euro zone members to figure out how to avoid a messy default.
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The consequences of that are serious, as the first time in our history, and for the first time we risk default and we have obligations that exceed our capacity to fulfill them.
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