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You can't really default in your own currency, can you?

Because you can always print more.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Oct 7th, 2009 at 07:24:51 AM EST
[ Parent ]
Well, massive inflation and default are more or less the the same for foreign creditors, in the long run. Or if the inflation is really high, in the short run as well.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Wed Oct 7th, 2009 at 07:29:28 AM EST
[ Parent ]
The privilege of being the issuer of a global reserve currency is that you are writing cheques you don't have to redeem.

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Wed Oct 7th, 2009 at 07:40:25 AM EST
[ Parent ]
I'm not sure what we are disagreeing on here?

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Wed Oct 7th, 2009 at 07:43:59 AM EST
[ Parent ]

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