Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
However, in a non-mad world, public defaults do not lead to liquidation sprees that destroy extant capital equipment. Private defaults do. So it's not a priori such a clear-cut thing which is preferable.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 17th, 2012 at 04:16:00 AM EST
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