If you’re concerned about future politicians’ probity, surely you should be partially worried that they may choose to default and keep all of those gains for th

If you’re concerned about future politicians’ probity, surely you should be partially worried that they may choose to default and keep all of those gains for their constituents and stiff the bondholders? See? Thinking about the future is pernicious in that policy makers have both more and less latitude than one tends to assume.