Countries Routinely Default
Many people – including economists – are are confused about whether or not countries can default.
One of the world’s leading economic historians – Harvard professor Niall Ferguson –
says:
The economists are ill qualified to analyse the current economic situation since they lack the overview of historians such as himself.
“There are economic professors in American universities who think they are masters of the universe, but they don’t have any historical knowledge. I have never believed that markets are self correcting. No historian could.”
