Sitaatti viikolle 48

Because during episodes of external debt default the French monarchs had a habit of executing major domestic creditors (an early and decisive form of ”debt restructuring”), the population came to refer to these episodes as ”bloodletting”. The French finance minister Abbe [Joseph Marie]  Terray, who served from 1768 to 1774, even opined that governments should default at least once every hundred years in order to restore the equilibrium. (Carmen M. Reinhart & Kenneth S. Rogoff 2009: This time is different. Eight centuries of financial folly.)