History is full of events that people thought were impossible. And yet they happened.
Looking back, they always seem so obvious.
Duh. The Dutch were spending 68% of their tax revenue just to service the debt. Of course they were going to default.
But at the time, there was always some prevailing social influence… some wisdom from the “experts” that made otherwise rational people believe in ridiculous fantasies.
Today is no different; we have our own experts who peddle ridiculous (and dangerous) fantasies.
Case in point: this week, yet another debt ceiling debacle will unfold in the Land of the Free.
You may recall the major debt ceiling crisis in 2011; the US federal government almost shut down when the debt ceiling was nearly breached.
Then it happened again in 2013, at which point the government actually DID shut down.