If I may play devil’s advocate, if it hurts Americans less by devaluing $ compared to causing a severe recession, it may be lesser of the two evils. Like, amputating limbs to save a patient from gangrene. If one has to choose between living without a limb or die, most may choose to live. If most of the debts are held by foreigners, shouldn’t the FED pick citizen’s interests over foreigner’s?
One thing consistent about Cramer is, he is advocating the same for homeowners underwater – ditch the home and save your shirt rather than ending up on the sidewalk penniless.
