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Michael van der Galien

Should the United States Consider Bankruptcy?

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Posted on January 12 2010 8:30 pm
Michael van der Galien was born in the Dutch city of Leeuwarden in 1984. For as long as he can remember, he has been obsessed with the United States. When he was 17 years old, he started blogging - of course about America. His articles have been published at Big Hollywood, Pajamas Media, Hot Air (the GreenRoom) and Right Across The Atlantic. He's also an editor for the Dutch conservative blog, De Dagelijkse Standaard.

by Francis Cianfrocca

A simple but striking piece by Gideon Rachman in the Financial Times makes the point that the US might benefit from an episode of near-bankruptcy. However, this would mean less for us than it has for other overextended nations.

Rachman points out something fascinating that had never occurred to me: look at the large roster of near-failed states in recent decades, that turned a national fiscal crisis into an opportunity to make very positive national changes: Britain in 1976, India in 1991, China in 1978, nearly all of Latin America in the early 1980s, and others. Rachman’s point is that the US could be approaching a similar brink. And we might respond by making some fundamental changes in our society.

Read the whole thing at The New Ledger.

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