--- Rob Schaap <rws at comedu.canberra.edu.au> wrote: > G'day all,
> >
> I reckon those questions would want answering if we're
> properly to get to
> this conclusion (and to avoid a pessimist's view that much of
> what
> apparently worked has neither improved the lives of the
> working class nor
> solved a tendency to crisis not unlike the '97 disasters.
>
> " ... work needs to be done to rebuild support for a
> crisis-management
> system that seems--ironically--to have worked relatively well
> in the past
> decade. And if support cannot be rebuilt, than a new system
> of crisis
> management that can command broad political support needs to
> be built in
> its place."
>
I believe that this is pretty close to the official position of Brad DeLong. Personally, I've always been in favour of default and let-the-chips-fall-where-they-may. Of course this is only a general philosophical opinion and should not be taken as specific advice to any sovereign or supranational body who might be considering default in a specific situation.
dd
===== ... in countries which do not enjoy Mediterranean sunshine idleness is more difficult, and a great public propaganda will be required to inaugurate it. -- Bertrand Russell
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