Today I read a very interesting article in the Financial Times by a professional who works in the financial markets. It was in such contrast to the usual nonsense that I read that it made a special dent in my day. I also was informed that a leading US academic economist had recommended we read the same article. I found that a curious recommendation given that this economist is not exactly in the Modern Monetary Theory (MMT) camp. Indeed, if you examine the course material he inflicts on his macroeconomics classes you would reach the conclusion that his Department is another that should be boycotted by prospective students. Anyway, the FT article makes it very clear – there is no credit risk for a sovereign government – and that financial market investors who have bought into the neo-liberal spin that public debt default for such sovereign governments is nigh have made losses as a result.