Taking out insurance on sovereign debt is kind of like taking out flood insurance on all the coastal properties in a hurricane zone, if flood insurance had no regulation whatsoever. When the big one comes no one is really going to be able to pay.
Source: http://www.eschatonblog.com/2012/03/whats-insurance-for.html
corso james arthur ray james arthur ray elisabeth shue avastin avastin robert wagner
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