It is a wise rule and should be fundamental in a government disposed to cherish its credit, and at the same time to restrain the use of it within the limits of its faculties, “never to borrow a dollar without laying a tax in the same instant for paying the … Continue reading →

Spain: 1557, 1560, 1575, and 1596,  during the reign of Philip II (1556-1598). France: 1797 – the French Revolution, the rise of Napoleon. Great Britain: 1934 (defaulted on its World War I debt to the USA). In the wake of World War II, though technically not bankrupt, Britain accumulated a … Continue reading →