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A Bubble That Broke the World

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The burden of Europe's private debt to this country is now greater than the burden of her war debt; and the war debt, with arrears of interest, is greater than it was the day the peace was signed. And it is not Europe alone. Debt was the economic terror of the world when the war ended. How to pay it was the colossal problem. -from "Cosmology of the Bubble" The names of the players are different, but these cautionary essays about massive national debt-written in the long wake of World War I ...