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Where this breaks down is when everybody goes broke at the same time, because some right-wing idiot (but I repeat myself) was allowed to play with levers of government that he has neither the understanding nor the inclination to handle safely.
Friends come and go. Enemies accumulate.
It means you're virtually guaranteed no upside and all downside. Logarithmic utility can be really nasty on the downside.
There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
You need to look at the discounted value of the expected cash flow rather than the nominal principal, for the same reason you need to look at MWh produced rather than nameplate capacity when evaluating the required price of volatile energy sources.
If you hand the keys to the sovereign over to right-wingers, then of course they break it. But that is not dependent on the particulars of finance theory - right-wingers break your economy because breaking countries for fun and profit is what right-wingers do.
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