Nov

25

Seems to me that the current meme is that governments can underwrite any amount of bad debt, and in the worst case sell more bonds, print money etc. As long as this is credible, the credit crisis can simply be transformed into government debt. But what if this were not true, would there be a tipping point?

GM Davies is the author of Play 1 e4 e5: A Complete Repertoire for Black, Everyman, 2005


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