Is There Life After Default?

Peter Klein thinks so. He argues in a daily article at Mises.org that

Treasuries are bonds just like any other bonds. There’s nothing magic, mythical, or sacred about them. A default on US government debt is no more or less radical than a default on any other kind of debt.

In his provocative piece Klein points to various historical episodes of government default that did not bring on the end of the world.

Here is Klein discussing the same topic a few days ago:



See also Klein's addendum responding to his critics!