Fiscal default is nigh, insist the doomsayers: repent and retrench before it is too late. Yet I have a question: do we believe that markets are unable to price anything right, even the public debt of the world's largest advanced countries, the best understood and most liquid assets in the world? I suggest not. Markets are saying something important.
災難預言者堅持認爲，政府違約就在眼前：趕緊懺悔和縮減開支吧，否則就太晚了。但我有一個問題：我們是否真的相信，市場無法對任何產品做出正確定價，哪怕是全球各大發達國家的公共債務這種人們瞭解最透徹、最具流動性的資產？我認爲答案是否定的。市場正在傳達一些重要信號。
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