Dambisa Moyo: Should the US Default on Its Debt?

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Dambisa Moyo: Should the US Default on Its Debt?
Commonwealth Club - The Commonwealth Club
Dambisa Moyo daringly claims that the West can no longer afford to simply regard global up-and-comers as menacing gatecrashers. In a world where Western economies hover on the brink of recession while emerging economies post double-digit growth rates, Moyo calls out the economic myopia of the West and the radical solutions that it needs to adopt to salvage its global economic power.A former consultant for the World Bank and former emerging markets investment banker at Goldman Sachs, Moyo was named by Time Magazine as one of the "100 Most Influential People in the World," and was nominated to the World Economic Forum's Young Global Leaders Forum.

1 comment

Yes the UK did default, being broke after the first world war, it relied on payments from Germany to pay the debt it owed to the US. However due to the collapse of wall street, the US failed to make the loans to Germany that it had agreed to do, as part of the peace process. As a result the money flow dried up. So it was in large part caused by the US. The US didn't pursue the debt, because the remainder was not large, and it had bigger internal things to worry about. In addition many thought that because the British had shouldered most of the of the cost of the War in men and money, that the remaining debt should be ignored.
By Carole Kiely last year