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<p>[QUOTE=&quot;InfleXion, post: 1529921, member: 29012&quot;]The key difference between us and Greece is who the bondholders are. If we haircut our bonds it&#039;s the Fed who takes the hit. They can just print more money and offload that burden to savers. In the end we still pay for it, not the market participants who get bailed out and never actually incur any risk. Yes a haircut would be deflationary, but default has much wider reaching impacts than simply depressed asset prices which would cause bank balance sheets to go underwater, incite more people to hoard, stall the already weak economy, and undermine the credibility of US debt promises.[/QUOTE]</p><p><br /></p>

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