Nz defaulted in the early 1930s
There was a great deal of debt defaulted on during the Great Depression. Businesses failed, farms went bust, and some mortgage borrowers defaulted too. But a huge number of governments also defaulted on their obligations, not just in places like Greece or Argentina which had form in that regard, but including many of the governments of the richest countries in the world. You could read about the New Zealand episode here. Most countries in Europe (including the UK and France) defaulted on their (substantial) war debts to the United States – in fact, only Finland paid in full. But even the United States government defaulted.
There is an interesting and accessible new book out about that experience, American Default. It is written by UCLA Chilean academic Sebastian Edwards (who has been used as an adviser and author here, including this paper at a Treasury/Reserve…
View original post 2,878 more words
Utopia, you are standing in it! 
Recent Comments