19th Century Economic Insight Is More Relevant Than Ever

I was reading Walter Bagehot's Lombard Street today and came across something directly relevant to the budget crises of this past summer.

Those who live under a great and firm system of credit must consider that if they break up that one they will never see another, for it will take years upon years to make a successor to it.

Did the Republicans who thought that it was a good idea to throw away the full faith and credit of the United States ever think about these kinds of things? But then I suppose they were never literate in economics to begin with.