I find the rarity of such defaults—and the willingness of people to lend large amounts of money to borrowers who face no legal penalties if they fail to pay it back—at least mildly puzzling. Presumably the explanation lies in indirect costs to default, reputational and otherwise.
That from Spawn of Satan. For non-regular readers of the site, that is a not so subtle jab at Progressives.
Haha
No puzzle to me. Screw ’em, and tell them to read Aristotle during their usual idle unproductive hours. Glad to see the paper euro go down, too.
If only our present masters did not admire their system so much.
I honestly think a better equilibrium would be for governments to default more often and borrowers to expect that behavior. It would prevent governments from running up the debts to begin with.
