I was surprised that a Nobel Prize would consider Belgium and Italy role models and their past experience as advanced countries.We got this reply: "Both countries are a mess!
Um, guys, that’s the point. Belgium is politically weak because of the linguistic divide; Italy is politically weak because it’s Italy. If these countries can run up debts of more than 100 percent of GDP without being destroyed by bond vigilantes, so can we".
I am trying to follow it up here and here, but in the meantime I say YES, YOU CAN and GOD BLESS AMERICA.
Japan situation was not reviewed further, Belgium is not really relevant, but I wonder if Italian debt and deficits situation is just Deficit hysteria?
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I am a Belgian economist, and to be true that is not a real merit. BUT, I had a debate with Paul Krugman, in Belgium, last week, on the matter.
You can read the report and the comments of the debate here:
http://www.econoshock.be/2009/us-public-debt-levels/
http://www.econoshock.be/2009/debate-with-the-great-paul-krugman-in-louvain-la-neuve/
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