Interesting that Morgan Stanley maintains the sanctity of sovereign debt even when the debt is based upon the false premise that it can be paid off. Every fiat “dollar” in circulation has been created as principal from the issuance of a government security. The promise is to pay back the principal PLUS the interest. The interest is never created except as principal from a subsequent issue of another security. This is the operation of a Ponzi scheme. A Ponzi scheme, or any scheme based upon fraud, is void from its inception. The national debt in the United States is perpetual---or actually, until acknowledged bankruptcy.

Yet Morgan Stanley wants the citizenry to endure austerity while the bankers reap vast profits from their fraudulent transactions.