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I don't see why a default has to be widely publicised

It needs to be publicized to further discredit the system and to force recognition and write down of unpayable debts. If bad debts can be written down a better economy becomes possible. Anything that a TBTF is forced to write down is one more former bad debt that they will no longer be able to use in their ongoing attempts to squeeze blood from stones. And if it takes down the TBTF, that is a good thing.

I don't see how anyone other than the elites can benefit from the current situation and I find it surreal that the elected governments of the chief victims, the PIGs, have been turned into the enablers for the continuation of the torture of their own populations. Guess I just don't have the stomach for serial abomination.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat May 14th, 2011 at 08:19:56 PM EST
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I recognize that such a "moral" position is totally at variance with what passes for contemporary academic economics, so I don't recommend that any that look forward to employment in that discipline publicly join me in my desire for a collapse. I really don't want it either, it is just that I think it is the least worst long term outcome and offers the best chance for a genuine improvement in governance. But, to paraphrase what Lenin said of the Romanovs: We have had 120 years of financial capitalism. Why not another 120 years?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat May 14th, 2011 at 08:25:50 PM EST
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