Staaten verlieren Steuereinnahmen und Anleiheinhaber leiden unter den Folgen des Bankrotts. Wir hatten also fast zweihundert Jahre Zeit, darüber nachzudenken, wie man mit solchen Krisen umgeht.
Such episodes are bad for everybody – workers who lose their jobs, entrepreneurs and equity holders who lose their profits, governments that lose their tax revenue, and bondholders who suffer the consequences of bankruptcy – and we have had nearly two centuries to figure out how to deal with them.