Don’t raise debt ceiling; make government shrink

posted by
July 17, 2011
Orange County Register
by John Tamny  
Posted in Commentary, LAND Commentary, PND Commentary

"Economists Carmen Reinhart and Kenneth Rogoff, in their 2009 book, This Time Is Different, singled out Australia, Canada, New Zealand and the United States as countries that have never defaulted, or more specifically, have 'never outright failed to meet their external debt repayment obligations or rescheduled on even one occasion.' Of course, as they later acknowledged on the same page, there are other ways to default. ... There's stealth default. Looked at in terms of stealth defaults, all those countries, including the United States, have definitely stiffed creditors over the years." (07/16/11)  

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