The Benefits of Perpetual Federal Debt

Very long term federal debt that has no date for redemption like UK First World War bonds and U.S. Revolutionary War debt depend on good public credit.

Greek Haircuts

When people talk about haircuts and Greece, they are no longer referring to the female beauticians that retired at 50 with a generous state pension because their work was “arduous.” Instead, they are discussing the losses, known on Wall Street…

Debt Deja Vu

Again, Greek debt was in the news. This time, though, the focus was other defaults. For as long as nations have existed, they have borrowed money and then been unable to repay it. The first report of Greece defaulting on…