Of course a full stop of social norms today would have consequences.

My point is it’s a social contract not a law of physics we cannot hope to bend.

Our embedded memory and experience need not be the one we pass on.

> You are claiming that defaulting on sovereign debt would have no consequences?

First, at the sovereign level, it only has consequences if the lender has more guns than you.

Seconds, most "debt" in OECD countries is not owed to sovereign entities, but to the countries population themselves, who if push comes to shove will just have to accept that their bonds are worthless if it is ever legislated to be thus.

>> who if push comes to shove will just have to accept that their bonds are worthless if it is ever legislated to be thus.

Yea, the history of the world is full of populations just accepting their governments new policies to screw them over..

There are never any consequences to that, the people just shrug and say them the breaks and go about their day

<<sarcasm>>

> <<sarcasm>>

Which is why it is much better to achieve the same goal via inflation, where after a couple of decade a 100$ T-bill isn't worth a cheeseburger.

No nation ever defaults on sovereign debt, not in the age of Fiat (aka fake) money..

They just create more of their fake err fiat money to cover the debt, sure it is worthless but they "paid it off"

See: the 1 Trillion Dollar Coin....

That isn't true. If a country makes a habit of printing too much money, then creditors will start to insist on only loaning it money denominated in other currencies. And once it starts doing that, the country can be forced to actually default on its debts:

https://www.forbes.com/sites/francescoppola/2017/11/14/venez...