John D. Cook quotes a pair of tweets from Dan Snow, the self-styled “History Guy:”
BBC reporter: ‘This could be the worst crisis Greece has ever known’. There speaks a man without a history degree.
Greece has been ravaged by Persian Immortals, Roman legionaries, Huns, Janissaries, Russian cossacks, Nazi stormtroopers. She’s seen worse.
Very interesting indeed, but i stopped readin the comments on his website after “(…) wikipedia says (…)”
Portugal, Italy, Ireland, Greece and Spain. All drowning in sovereign debt.
The only reason that the US and UK aren’t snowed under is that the Federal Reserve and BoE can monetize the national debt to infinity.
The Federal Reserve currently holds more US Treasury debt than China.
http://cnsnews.com/news/article/fed-now-largest-owner-us-gov-t-debt-surpassing-china
“There speaks a man without a history degree”…it would be better to say “There speaks a man without much knowledge of history.” Because I bet it would be possible to find people with history degrees who know little or nothing about the Persian Immortals, Roman legionaries, Huns, Janissaries, Russian cossacks, or even the Nazi stormtroopers.
Portugal, Italy, Ireland, Greece and Spain. All drowning in sovereign debt.
The only reason that the US and UK aren’t snowed under is that the Federal Reserve and BoE can monetize the national debt to infinity.
You say that second sentence like it’s a bad thing. Assuming the central banks stop sufficiently short of infinity, isn’t it better to borrow at low interest rates, while you can (and the US can), and stimulate demand rather than have the economy contract?
Uncalled for wrote:
“Assuming the central banks stop sufficiently short of infinity [...]”
Ha ha ha!
http://en.wikipedia.org/wiki/Hyperinflation