European countries aren't the only astronomically leveraged nations with no rosy options. (They can raise taxes, which chokes economic growth, impose austerity plans, which choke economic growth, print money, which diminishes the value of every unit printed, or default on their sovereign debt, which blows up the whole world, financially speaking.) Japan is in the same boat. Right now, it looks as if they are going with doubled sales taxes as the remedy du jour.
I was going to include the United States in this group of nations, but it seems to me that, even though the US has had the grip of totalitarian socialism around its throat for three years, still has a unique degree of experience with, and an intellectual tradition of, the atoundingly fast-acting restorative powers of economic freedom, and therefore is better positioned, if we can pry our country loose from that grip, to bounce back.
But that's a big "if" and we may well be swirling the drain with the rest of the nations who have foolishly behaved as if the money didn't actually have to come from anywhere.
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