Nope, just an IOU. There's no reason why an IOU from an individual can't be more dependable than one from a state or institution. I'd rather accept an IOU from Warren Buffett than I would from a Greek bank and it would probably be easier to sell, too.
In fact, come to that, the markets now view IOUs issued by me as a better bet than those issued by the UK. My mortgage rate is below 3%, which means the markets are more comfortable with my debt than they are with Britain's. This is due to the fact that over the last, oo, 13 years or so I haven't issued as many IOU's as Britain has
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timeasmymeasure
Magic beans
Date: 2011-10-28 09:35 am (UTC)In fact, come to that, the markets now view IOUs issued by me as a better bet than those issued by the UK. My mortgage rate is below 3%, which means the markets are more comfortable with my debt than they are with Britain's. This is due to the fact that over the last, oo, 13 years or so I haven't issued as many IOU's as Britain has
H