ban on movement of capital cross-border. So it would be a rise in bond yields that make it difficult for the government to finance. Clearly, the private sector pays a premium to the government. So if it triggered a private sector debt crisis, because interest rates were rising so highly, then you go to forcing your savings institution to buy, which is effectively a repatriation of capital. And only after all of that, if it's not working, would you then go for the nuclear option, which is to try and restrict foreigners of removing capital from your economy. Now, this is a really interesting point, because there are then two sets of economies in the world, those running large net international investment positions, surpluses and those running deficits. And those running surpluses, and the two that obviously jump off the page, the big ones are Germany and Japan, would not be in a particularly bad situation if they were doing this. But those running particularly large deficits in America, (38/99)
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