Sen. Mark Kirk in The Washington Times "Harvard's great economic historian, Niall Ferguson, noted that the decline of a country can be marked when it pays its moneylenders more than its army. His classic case comes from the French monarchy of the 1780s that failed to make interest payments on their debt, causing the financial collapse that triggered the revolution. Recently, Carmen Reinhard and Kenneth Rogoff wrote a brilliant book titled "This Time is Different, Eight Centuries of Financial Folly." Their vast study revealed that most government officials always believe they are unique and different, causing them to make the same mistakes that crippled past nations and empires."
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