We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.

Debt is one person's liability, but another person's asset.

What we know about the global financial crisis is that we don't know very much.

Governments at all levels failed.

This operation removes the stigma of having bonds trading in the market that reminds investors of the debt crisis and moratorium of 1987 followed by the restructuring of the mid 1990s; signaling the beginning of new stage that could eventually lead the credit to investment grade status within a few years.

The problem isn't that people don't understand how good things are. It's that they know, from personal experience, that things really aren't that good.