Everybody Knows...

http://www.livejournal.com/support/faqbrowse.bml?faqid=120

LiveJournal does provide the means to set a minimum security level on all posts you may make in the future. Setting this option will prevent you from slipping up and posting a public entry that you meant to post as Friends-only or Private. You will still be able to post an entry with a lower security setting by posting it with the minimum security you have set, then editing it to change the security setting.

To set the minimum security level of all future entries in your journal, log in (http://www.livejournal.com/login.bml) and go to the Admin Console (http://www.livejournal.com/admin/console) and execute the following command:

set newpost_minsecurity

Do not enter the < or > symbols; these are only for reference purposes. To set the minimum security level to Friends-only, replace with "friends". To set the minimum security level to Private, replace with "private". To turn off the minimum security level, replace with "public".

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They're not kidding about the security settings.