#seriously, The problem is that most people predict that government will do what is rational. You and I on the other hand see no precedent in that ever happening and so we should base investment decisions on the expected idiocy that is sure to come of it.
I read that story and if his royal highness were to issue such an edict from his throne…
“No one on the other side would pick up the phone if the secretary of the U.S. Treasury tried to make that call,” said Lou Crandall, chief economist at Wrightson ICAP. “Why should they? They have a contract” requiring payment in full.
…I couldn’t stop laughing at that line when I first read it.