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Comment: His assertion that default is impossible

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His assertion that default is impossible

because of the ability to print money is sort of correct, only wrong in the sense that choosing not to print the money and allowing default to happen is a possibility.

His assertion that a credit downgrade only reflects the chances of default is not correct. That the debtor can choose to and is becoming more likely to pay a loan back with a wheelbarrow full of inflated currency is a worthwhile reason for a credit downgrade.

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