Through analysis and comparison with other countries whose contractual obligations are in default, Max Winkler describes the transformation of the United States from a debtor nation to the world's most powerful creditor.
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Presenting a compendium of governmental defaults through the ages, this unique book attempts to shed light on the reasons for the collapse of the credit of nations and the effects of suspension of payments on their economic and financial structure. The springboard for Max Winkler's book is the awesome fact that at the end of 1933, $22.3 billion of contractual obligations of governments, states, and municipalities were in default. Moreover, he presents a potentially dry subject matter of great importance in an unusually interesting and witty manner.
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