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Big countries have repudiated their debts before. Argentina is
perhaps the best known example, and the aftermath is a pretty good
indicator of why it is a bad idea. When part of your navy gets
impounded when visiting foreign ports you are in trouble.<br>
<br>
(OK, ARA Libertad was more for show and training than a military
vessel, but still...)<br>
<br>
<br>
<div class="moz-cite-prefix">On 2016-05-17 14:13, Dave Sill wrote:<br>
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<blockquote
cite="mid:CAM5aL2djLx1Hp=B4xpgjPjzySztK-J4rwGUkixRpAR5_=OOFzA@mail.gmail.com"
type="cite">
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<div class="gmail_quote">On Mon, May 16, 2016 at 5:05 PM, John
Clark <span dir="ltr"><<a moz-do-not-send="true"
href="mailto:johnkclark@gmail.com" target="_blank">johnkclark@gmail.com</a>></span>
wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0
.8ex;border-left:1px #ccc solid;padding-left:1ex">Yes,
suddenly making 20 thousand billion dollars worth​ of debt
that had been considered the safest in the world worthless
is unthinkable.</blockquote>
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<div class="gmail_extra">No, nothing is unthinkable.<br>
<br>
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<div class="gmail_extra">-Dave<br>
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<pre class="moz-signature" cols="72">--
Anders Sandberg
Future of Humanity Institute
Oxford Martin School
Oxford University</pre>
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