For all the drama the US shutdown creates – the folly will pass and any damage to economic recovery should be temporary.
Even if damage is done, the US remains the world’s largest economy and its markets the deepest.
And any negative knock-on effect to the global economic recovery should be temporary.
The prospect of a US federal government shutdown is likely to undermine world stock markets further in the short-term, despite the possibility that the resulting uncertainty could prevent the US central bank from tapering its asset purchases at all this year.
In contrast, US government bonds and gold should benefit from a revival of safe-haven demand.
But the upside for both is probably much less now than during the last US debt-ceiling crisis in 2011, when the eurozone was also in turmoil.
The ongoing political shenanigans in Washington is by any standard, a depressing mess and entirely self-inflicted.
One estimate of a three-to-four week shut-down is that such an action would cut US economic growth by 1.4pc; without a shutdown, growth would be around 2.5pc.
Needless to say, the combination of a government shut-down and prolonged arguing over the debt ceiling sends a message of caution to businesses and consumers to hold their cash. Washington’s message is simple – business investment and jobs can wait until we arrive at some type of deal (whatever that may be).
The Irish economic indicators over the past couple of days have been positive, with consumer confidence sitting a six-year high in September and the manufacturing sector’s purchasing managers’ index rising to a 14-month high last month.
Notwithstanding the political uncertainty in the United States at the moment, the Irish recovery process should continue into 2014 in my opinion.
Alan McQuaid is chief economist at Merrion Stockbrokers.