- Only mass default will end the world’s addiction to debt (Telegraph, March 3, 2015):
As global debt rises off the scale, creditors stand to take a huge hit in a threatened tsunami of defaults
In a valedictory speech at the weekend of characteristically Latin American duration a mind-numbing three hours the Argentine president, Cristina Fernandez de Kirchner, claimed that her country was the only one in the world to have reduced its national debt over recent years.
I doubt she is right about being alone in this “achievement” there must surely be others – but even if she is, I’m not sure that reduction in the national debt via the mechanism of default is anything to boast of. Only Kirchner could think this a matter of national pride. Continue reading »