Paul Krugman continues his assault on the national debt worryworts, posting this chart, and noting:
If these countries can run up debts of more than 100 per cent of GDP without being destroyed by bond vigilantes, so can we.
Indeed, betting that any developed country, such as, say, Japan, would default on its debt and get crushed has been a fool’s bet for years.
Anyway, let’s hope that since nothing bad has ever happened, that it won’t.
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