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Otherwise, major defaults from excess debts may destructively extinguish some of the excess money.
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The question is, where is the leadership that will make it happen before credit costs are so high, a major economy like Italy defaults instead of Greece.
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Norquist advised against taking an all-or-nothing approach in which the nation defaults on its debt unless major cuts (and no revenue hikes) are instituted.
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After experiencing greater than expected defaults, such loans at the three major banks declined from a peak of some JPY 6 trillion, to less than JPY 1 trillion today.
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Mortgage originators have already been crunched by defaults and the spotlight is now shifting to major banks holding the mortgages for investment.
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But while many major international banks have seen large writedowns in the wake of rising defaults among the sub-prime mortgage market, the majority of China's US mortgage-backed securities were underwritten by US government agencies such as Fannie Mae.
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In Europe, where the major problem is the worsening debt crisis that is threatening to topple governments into defaults, and banks into a financial crisis to rival that of 2008, euro-zone officials argue week after week about what they should do, but do little more than provide assurances that they will do something.
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Sharga chalks up the increase in strategic defaults (or at least the willingness to consider them) to two major factors: a new type of unemployed homeowner and a lack of trust in lending institutions.
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