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Of course that would be the sane and sensible view. But it is not logically impossible to believe that the central bank should only rediscount pristine bonds. The logical inconsistency is between admitting that it is proper for the central bank to rediscount dirty bonds before the default and not wanting to rediscount less dirty bonds after the default.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Apr 17th, 2011 at 05:14:09 PM EST
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