Tuesday, February 7, 2012

A Little History to Put Europe In Perspective

Tom Sargent, last autumn’s Nobel Prize winner in economics, discusses some historical precedents for what Europe is going through in “An American History Lesson for Europe” from the February 3 issue of The Wall Street Journal. Specifically, how our federal government did bail out its states in the 1790’s but did not bail them out in the 1840’s, and what that can tell us about how Europe might like to behave.

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