As Congress slap-fights over the debt ceiling in Washington, people and institutions around the world are preparing for the worst case scenario of a US debt default.

Bank of America’s CEO, Brian Moynihan, said this week, “We have to be prepared for that, not only in this country but in other countries around the world. You hope it doesn’t happen, but hope is not a strategy – so, you prepare for it.”

US Treasury Secretary Janet Yellen has warned of a “global financial crisis” if a deal is not reached on the debt ceiling and the US goes into default over the summer.

The annual fight over the debt ceiling and the fear and uncertainty it causes have prompted some in Washington to call for an end to the debt ceiling.

But Moynihan doesn’t support that, telling CNN this week, “There’s got to be an argument about how we make sure we live within our means as a country.”