also fundamentally speaking am I the only one who see's public sector debt much less toxic than private sector debt?
Govts can print money to pay off debt sure this causes inflation down the track but it also causes liquidity which finds its way back to the markets
Remember the main cause of the GFC was debt in the private sector which like a virus caused a credit freeze up this problem wasnt solved until the US Govt purchased the toxic debt effectively taking the private sector debt and making it public sector debt.
