The Bond Market Wins
AbstractA U.S. default is unlikely: As a demographically young nation, the United States will watch other nations face demographic crises years before it faces the full brunt of the same. The spectacle will furnish salient examples of the short-run shame and suffering caused by default. Further, the soft default of inflation demands the element of surprise, always difficult for politicians to engineer. But default is still possible, and the GOP offers a uniquely American path to default: An unwillingness to raise taxes. Bondholders the world over will be watching to see if “starve the beast” is a pathway to “default on the beast.”
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Bibliographic InfoArticle provided by Econ Journal Watch in its journal Econ Journal Watch.
Volume (Year): 9 (2012)
Issue (Month): 1 (January)
sovereign debt crisis; financial crisis;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
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- Ramirez Carlos D., 2011. "The $700 Billion Bailout: A Public-Choice Interpretation," Review of Law & Economics, De Gruyter, vol. 7(1), pages 291-318, November.
- Vaughn, Michael G. & DeLisi, Matt & Gunter, Tracy & Fu, Qiang & Beaver, Kevin M. & Perron, Brian E. & Howard, Matthew O., 2011. "The Severe 5%: A Latent Class Analysis of the Externalizing Behavior Spectrum in the United States," Journal of Criminal Justice, Elsevier, vol. 39(1), pages 75-80, January.
- Vaughn, Michael G. & Fu, Qiang & Wernet, Stephen J. & DeLisi, Matt & Beaver, Kevin M. & Perron, Brian E. & Howard, Matthew O., 2011. "Characteristics of abstainers from substance use and antisocial behavior in the United States," Journal of Criminal Justice, Elsevier, vol. 39(3), pages 212-217, May.
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