Today’s debt crises among European sovereigns and US underwater mortgage holders both have much in common with a similar chronicle of debt foretold in Argentina a decade ago: the answer that involves the least amount of pain is a swift restructuring. In “Chronicle of a Debt Foretold,” a new paper for the World Economic Roundtable, organized jointly by the World Policy Institute and the Economic Growth Program of the New America Foundation, I argue that the answer is similar to the stitch in time that was proposed for Argentina, on which policy makers failed to act, modeled on the Brady Plan debt restructurings that resolved the 1980s sovereign debt crisis. We need a new Brady Plan for both the troubled European sovereign debtors, and for US underwater mortgages, before we lose another decade, as we did in the 1980s.
Join the World Policy Institute for our first ever international comedy night benefiting World Policy Journal.
Monday, September 13, 2010 – 7:00pm
With the Taliban going strong and the polar ice caps melting away, we wouldn’t blame you for feeling like there’s nothing to laugh about – until now. You may not have thought policy wonks were funny, but we’re about to prove you wrong with:
“It’s a Funny World”
* Ophira Eisenberg
* Ian Bremmer
* Kevin Bleyer
* Robert George
* With emcee Christian Finnegan
Monday, September 13 at COMIX
343 West 14th Street (just east of Ninth Avenue)
For more information and tickets click HERE.