Is US flirting with default a reason to buy more international bonds?

[nun]

Interesting take. I would say just the opposite - the literal decline of the British Empire has been MUCH more rapid and profound than the allegorical decline. Geographically, Britain today consists of a medium size island off the coast of Europe plus some insignificant overseas territories that add practically nothing to either its size or economy. Economically, however, Britain today has a top ten GDP and top five stock market. Ask yourself where you would choose to live if you had to pick an island country anywhere in the world. Of the world's major islands, the only obvious choices are Japan and Britain. Places like Greenland, Madagascar and New Guinea don't offer quite the same quality of life.

The breakup of the British Empire was a political reorganization, not an economic decline.

The "sun never setting" was used to describe the size and supposed longevity of the British Empire. It might still be literally true, but it;s not allegorically true as the political and economic power of the UK has obviously declined enormously from it's height. That is the fate of all great powers.

The UK is still a large economy, but it is slipping down the table, the decline continues, or maybe I should say other countries are improving at a greater rate. It's not a disaster for the UK. it's just the realities of today. Britain cannot enforce a trading empire through it's navy anymore and doesn't have the natural resources or territory to be a world power.

To be pedantic the island is Great Britain