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Such a deal is basically not possible. See the Argentina "pari passu" fiasco. Because US T-bills are everywhere. They are, to use a Claude-ism, load bearing for
by pjc50 2mo ago
Such a deal is basically not possible. See the Argentina "pari passu" fiasco. Because US T-bills are everywhere. They are, to use a Claude-ism, load bearing for the world economy.
There is no "adults outside the room" who can intervene to fix the situation. Either Americans sort things out among themselves, or they will end up with the traditional Latin American solution to a debt crisis: hyperinflation. Which some of the right have been salivating about ever since FDR.
- rawgabbit 2mo agoGold hit $4700 today. Hyperinflation looks like where we are headed.
- AnimalMuppet 2mo agoWhy blame the right? FDR changed the gold peg from $20/ounce to $35, thereby devaluing the dollar. That wasn't ongoing like a hyperinflation would be, but it's still the same effect. And nobody serious accuses FDR of being part of "the right".