You haven't heard from me for quite a while. Due to scholar efforts and a project work my capazities for my blog was limited. From now on I would like to restart my efforts and move your attention to the following research paper:
www.economics.harvard.edu/files/faculty/51_This_Time_Is_Different.pdf
Defaults of governments happen regularly. Even if the conventional wisdom is that it is an absolut improbable event. As the paper state it: The pervasive view that "this time is different" is precisely why it usually isn't different, and catastrophe eventually strikes again.
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