Here’s a fascinating table that was linked on Marginal Revolution. Of all the political jurisdictions in the world, the one most likely to default (according to market perception) is Venezuela. No big surprise, of course, but I was surprised to see California in 8th place. That’s worse than Portugal and Spain (neither of which are in the top 10, though perhaps bottom 10 would be a better description of this list). This is a very damning indictment of the modern American welfare state. How about a new motto? Instead of “The Golden State,” California’s new motto can be “Better than Ukraine, Worse than Iraq.”
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