NIALL FERGUSON, HARVARD UNIVERSITY: Once you suddenly find your interest payments rising, it’s very quickly a – a shift into a death spiral, a kind of tailspin in which things compound. The Greeks have been there, Spain is there now. Japan could be next, the U.K. teetering on the brink.
- Treasuries, TIPS, and Gold (Wonkish) [NYTimes.com]
- Fact-checking financial recessions [VOXeu.org]
- This Time is Different, Again? The United States Five Years after the Onset of Subprime [PDF on Ken Rogoff’s faculty page on harvard.edu; also, Bloomberg.com]
- How Dangerous is America’s Debt? [Time.com]
- Spain’s Death Spiral and the Hypocrisy of the Euro [Time.com]