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But of course that isn't really true. Historically speaking, state debt and state budget did go together like a horse and carriage. See: France, Britain and especially the States General from the early modern period.

And the power of the bond-holders - isn't that myth? Isn't there empirical research nowadays that some time after a default States can enter the bond market again? And that there are no "bond market vigilantes"?

Some of the early modern nation states liked to default. Again and again. But the bond holders always returned.

by IM on Wed Aug 20th, 2014 at 01:22:18 PM EST

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