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The US had a default crisis too, you know

By Alasdair Roberts  

If it weren't for the gold rush, America's economy would have been out for much longer

As the Eurozone contemplates the possibility of Greek default, American pundits are boasting about US federalism. American states, they say, would never allow the fiscal irresponsibility that plagues Eurozone countries. And when states do lapse, the country’s leaders do a better job of putting accounts back in order.

These pundits ought to know their history. In fact, the US has experienced a very…

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