Wednesday, April 7, 2010

Common sense

More on “God’s Work.”

"There is no example of a nation become rich by paying its debts. There are dozens of examples of nations becoming rich by defaulting or renegotiating." We open today with the rise of the just default camp, in the world of sovereign debt. Since much of the debt was accumulated corruptly, between brain dead or venal politicians on the take, and great vampire squids aiding and abetting a crime on the public, just default, and let the great vampire squids take the heat and most of the loss. Kings and countries have been doing it since time immemorial, this time it's not different after all.

Posted by devo @ 02:17 PM (3599 views)
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7 thoughts on “Common sense

  • The building up of unsustainable debt loads is a commonplace in history. There are several standard means of resolving he problem: execute the lenders, exile them, default outright or simply renegotiate to achieve partial default and low interest rates.

    John Ralston Saul

    Seems like a guy worth listening to. Another memorable quote…

    A Big Mac – the communion wafer of consumption

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  • I take it you are counting rampant inflation as default?

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  • 2. inbreda said… I take it you are counting rampant inflation as default?

    Doesn’t that come immediately after the default?

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  • I would have thought that money printing by the government would be a way of causing inflation as a method of effectively defaulting – without actually refusing to pay.

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  • they tried that

    it didn’t work

    but you know that already

    so why are you suggesting it?

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  • I have a blog too.
    It’s not got much to do with common sense economics.
    Can I post it on this site as well?
    I can define define default as well:
    default ain’t mine! default is yours!

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  • they tried what?

    Are you talking about QE? Surely that is just a money shuffle to keep bond prices up so they can keep IRs artificially low to prop up the bubble – that’s the exact thing that will collapse if they try inflating away the debt

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