C4SS Feed 44 presents Carlos Clemente‘s “Vulture Funds vs. Argentina” read by Christopher King and edited by Nick Ford.
The most outrageous fallacy in this line of reasoning is the conflation of the political class of a country with its citizenry at large. Whenever vultures succeed in collecting the full value on defaulted government bonds, the ones who end up paying are, obviously, the taxpayers, the general citizenry of a given country. The local politicians who borrowed the money in the name of the people, obtaining enormous personal financial gains in process, won’t contribute to paying those debts any more than the regular Joe who does real work for a living.
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