Project Syndicate: The great depression in economic memory
What history tells us here is that defaults are not the privilege of poor, under-governed countries.

Project Syndicate: The great depression in economic memory

Sep 1, 2010 at 13:51
Jean Pisani-Ferry writes:

Paris – The dispute that has emerged in the United States and Europe between proponents of further government stimulus and advocates of fiscal retrenchment feels very much like a debate about economic history. Both sides have revisited the Great Depression of the 1930’s – as well as the centuries-long history of sovereign-debt crises – in a controversy that bears little resemblance to conventional economic-policy controversies. Read the story here.