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From the macroeconomic perspective of a net food and fuel importer with a trade deficit, "loss of access to the international currency markets" is functionally equivalent to "naval blockade."

That's what the defaulting governments need to prepare for. And that is what they have not done and will not do.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Feb 11th, 2013 at 03:30:39 PM EST
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