Even though it's nowhere near cheap, that doesn't mean the SUB 25 can't presentvalue to well-heeled bassheads, and we'll try to suss that out over the coming weeks.
Because he thinks that by enabling growth, default plus devaluation might actually raise the presentvalue of those bonds, compared with the current scenario, which he thinks will mean default happening when the debt stock has risen that much higher and the economy has been hammered that much harder.