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Because in a non-mad world, private defaults do not lead to public bailouts and massive costs to the tax-payer, but rather to wipeouts in private wealth/capital/equity, which individual investors have decided to risk to get a chance at higher returns.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Fri Feb 17th, 2012 at 04:11:29 AM EST
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