[p2p-research] Part 2. How Often Have Sovereign Countries Defaulted in the Past?

[Ryan Lanham]

There are certainly a lot of countries that wish they hadn't borrowed so
much.  Greece is buying 1 billion Euros worth of submarines (2 of them) from
Germany right now.  They borrowed to buy them.  Will two subs keep the Turks
at bay?  Almost certainly the Germans forced the Greeks to buy the subs and
then agreed to bail out their banks.

Rent is a good deal if you use the capital wisely.  If you don't, it's a bad
idea.   It's defining wisdom that's the difficult political problem.  Most
politicians would like to get votes by spending money now and having someone
else worry about the outcomes later.  Henry VIII bankrupt England building
castles and palaces.   It's an old story...as old as government itself.


On Sat, Jul 10, 2010 at 2:07 PM, Patrick Anderson <agnucius at gmail.com>wrote:

> Ryan wrote:
>
> > Part 2. How Often Have Sovereign Countries Defaulted in the Past?
>
> As often as they choose to rent their money from foreign interests
> instead of issuing for themselves.
>
> Argentina is now out of debt because they have begun issuing their own
> money.
>
> If 12 of us were abandoned on a deserted island, would would it be
> better for us to issue some sort of currency so we could trade skills,
> or would it be better to rent that money from someone on another
> island?
>
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-- 
Ryan Lanham
rlanham1963 at gmail.com
Facebook: Ryan_Lanham
P.O. Box 633
Grand Cayman, KY1-1303
Cayman Islands
(345) 916-1712
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