Antonio Borras Alomar  


Este artículo ha sido marcado como molesto Deshacer
15:08 el 12 diciembre 2009

This is how empires decline

Adjunto un artículo que me ha parecido muy interesante y donde se trata el tema de la deuda soberana.

Niall Ferguson, Newsweek, "An Empire at Risk"

This is how empires decline. It begins with a debt explosion. It ends with an inexorable reduction in the resources available for the Army, Navy, and Air Force. Which is why voters are right to worry about America's debt crisis. According to a recent Rasmussen report, 42 percent of Americans now say that cutting the deficit in half by the end of the president's first term should be the administration's most important task - significantly more than the 23 percent who see health-care reform as the No. 1 priority. But cutting the deficit in half is simply not enough. If the United States doesn't come up soon with a credible plan to restore the federal budget to balance over the next five to 10 years, the danger is very real that a debt crisis could lead to a major weakening of American power. The precedents are certainly there. Habsburg Spain defaulted on all or part of its debt 14 times between 1557 and 1669 and also succumbed to inflation due to a surfeit of New World silver. Prerevolutionary France was spending 62 percent of royal revenue on debt service by 1788. The Ottoman Empire went the same way: interest payments and amortization rose from 15 percent of the budget in 1860 to 50 percent in 1875. And don't forget the last great English-speaking empire. By the interwar year, interest payment were consuming 44 percent of the British budget, making it intensely difficult to rearm in the face of a new German threat.
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