Those who rely upon currency must have faith that the institution that prints it has the wherewithal to meet all those promises. It is amazing, then, that the euro hasn't entirely evaporated.
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As we sit back and blithely watch Greece's death by debt, it's easy to assume it can never happen here. It can, and it will.
If the government really could go bankrupt, and had to tax and borrow the money it spent, as per our happy illusion, freedom-loving Americans would be much better off.
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