The idea that Scotland could negotiate an acceptable monetary union with the rest of the UK while it's trying to move away, weakening the banking union, moving away from fiscal union, that would be catastrophic for interest rates, for taxes and for economic stability for Scotland and for the rest of the UK.
A massive, catastrophic spike in interest rates is still not happening, and Roger Arnold says QE3 is coming.
Or markets could lose all appetite for holding government debt, forcing the Fed to monetise the borrowing to avoid a catastrophic rise in interest rates or a default.
The set of "instruments" would strongly affect the probability of a household being part of the SP program, but they would not be correlated with the outcome of interest (catastrophic expenditures in health) through channels other than the enrolment into SP. The instrumental variables took advantage of the fact that SP was implemented gradually across the different 32 Mexican states.
Iranian — and regional — reaction would be catastrophic for American and Western interests.
In a long address in Spanish at the United Nations regional office, Francis said it would be "catastrophic" if particular interests prevailed over the common good of people and the planet or if the conference were manipulated by business interests.
Last week in the Times, John M. Deutch, who was the director of Central Intelligence under President Clinton, praised the nomination of Gates to replace Donald Rumsfeld, and added, "The consequences of withdrawal need not be catastrophic to American interests in the region".
He has also warned that it would be "catastrophic" if special interests get in the way of a global agreement to curb fossil fuel emissions at a climate change meeting in Paris next week.
Mr. Bush defended the costs of the war, in lives and money, declaring that his decision to order more troops to Iraq last year had averted potential defeat there and that withdrawing would be catastrophic to American interests.
