主题：【原创】新年政治经济展望之四：金融资本（一） -- 井底望天

Just got my book from Amazon by Carmen Reinhart and Ken Rogoff, very famous economist.

*AGAIN, WHAT WE LEARN BELOW IS THAT HUMAN BEINGS AS A WHOLE, do not learn from the history.

Table of Sovereign External Debt Crises.

There is one Table called "Cumulative Tally of Default and Rescheduling Since Year of Independence to 2008"

Shares of years in

Default/Reschedule Total No. of Defaults

Since 1800 or independence

***Greece 50.6 (top1) 5

**Russia 39.1 5

**Hungary 37.1 7

**Poland 32.6 3

*Spain 23.7 13

*Romania 23.3 3

Austria 17.4 7

Turkey 15.5 6

Germany 13 8

Portugal 10.6 6

Nederlands 6.3 1

Italy 3.4 1

UK and all other Anglo-Saxon nations--all 0

Nordic nations also have perfect records.

Lessons,

1. *History always repeats itself. So I guess 井底望天 could not blame CDS for the past 50 years of debt default or restructuring. Hehe, Greece is the source of civilization, as well as CHAMPION OF NATIONAL BANKRUPTCY.

2. *200 years later, this explosion started from P..Gs again. Thumbs up to Italy for better record. Ireland is not there since it was then part of UK.

Germany used to be the financial wasteland, now it shook off the bad image and was the pillar of European stability.

3. Those two American scholars show some domestic bias here--US did have a sovereign debt crisis, but it did not end up in default--because all Independence War bonds were pushed to average Americans, then Those bonds were bought up by Wall Street bankers 5 to 10 cents for one dollar who later on traded under a tree on the Wall Street, at around 20 cents for one dollar.

They gave birth to the New York Stock Exchange, NYSE--or it should be called New York Worthless State-converted-Federal Bond Exchange with One Oak Above Your Heads (NYSBE-OOAYH).

*So the 1800 cut-off seems to be a technical trick.

4. Between 1800 to 1900--America had several STATE bond bankruptcies (Pennsylvania in 1850s, for example) which cost millions for British banking houses.

For once, Americans in London= bankrupt scumbags who came back again begging for the High Street money.

Therefore, there was no Sovereign debt crisis at the federal level for America, but there were many state bankruptcies in US.