This is a something I've been thinking about (almost seriously), but I have a couple of questions:
- What's the best resource about JP Morgan's role in the US government crisis of 1895? How big was he in relative terms? Is there a possible contemporary equivalent?
- Are we witnessing a boom in UK government debt? How would we tell whether this was a bubble?
People are speculating about whether Britain is heading for a sovereign default, and some believe Britain is already bankrupt(.pdf). Of course most governments are bankrupt but stumble along due to the power of inflation. That's why Jeff Hummel predicts it, and Pete Boettke and Scott Beaulier just come out and propose it. Thoughts welcome.