John At The Center

So whatever sort of debt or currency problems we have down the road, they’re likely to be drawn out over years and years. That’s great, in that it gives us the leeway to stimulate our economy with gigantic deficits right now. It’s dangerous, in that without the ferocious external pressure to shape up that countries like Iceland, Ireland and the UK have and will face, we might not be able to help ourselves from spending and borrowing our way into really serious trouble.

via From Reykjavik on Thames to Reykjavik on Hudson? – The Curious Capitalist – TIME.com.