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Alternatively, the default can be selective, targeted only at the Fed's holdings. Call it the non-default default.

It would kill some of the kabuki theater around monetization, and denude the Fed's "independence," but it would be functionally harmless. And since the ratings agencies are basically Pravda and Izvestia with a cheap paint job, they would probably roll over and declare the default to be a not-default, because it only happens within the consolidated government sector. That might provide sufficient plausible deniability to not unduly rock any boats that the Teabaggers' owners do not want rocked.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Oct 13th, 2013 at 04:17:12 PM EST
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