How frustrating it is to have Jeffery Sachs as an advisor to IMF. His unfortunate take on the sovereign default is flawed even to a layman such as myself. Hayman Capital was talking about this situation a couple of years ago. This is not a new scenario but the question is who is going to pay? It looks like this debt is going to be placed with the masses and not the banks. When the masses recognize this burden, folks are going to be dreadfully unhappy and possibly reactive.
Plan B Economics
Great comment! While Hendry can be a bit jumpy, I think Sachs is far too apathetic for my liking.
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