The Markets Don't Care About Anything Other Than Treasuries

The markets don't actually care about anything other than the treasury bond market. And if you're a federal employee, you don't give a fuck which one it is. There was something which looked a bit like a mini default in 1979 when there was some computer glitch and various coupons didn't get paid on time. But yes, I can't remember the last time there was a real big rich western country defaulting with the possible exception of Greece in 2011 or 2012.