We're Borrowing Like Mad. Can the U.S. Pay It Back?
Interesting article, though 7 months old.
Quote:
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The United States has never failed to repay a debt in its history. But it has twice altered the repayment terms, notes a study by Carmen M. Reinhart of the University of Maryland and Kenneth S. Rogoff of Harvard University. In 1790, when the infant republic took over the states' colonial-era debts, it deferred some interest for 10 years. A more pertinent case occurred during the Great Depression. In 1933, President Franklin D. Roosevelt devalued the dollar by 41 percent against gold.
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Which makes me wonder, which, if any, countries have failed to repay debt?