Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
... the SS Trust Fund were denominated in foreign currency ... given that a government with a chartalist money supply can always meet a nominal obligation in its own fiat currency, by far the most common sovereign default is on debt denominated in foreign currency.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Mon Feb 9th, 2009 at 03:34:19 PM EST
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