Assignment:
David Graeber asks us to think of a debt "as a promise to pay". Sometimes people keep those promises, sometimes they dont
This essay has two options - please address ONE of them by referring to the relevant chapters in Boomerang by Michael Lewis. Please compare and contrast:
1) The financial situation he describes in Greece with that of Vallejo California. Were the causes of their financial troubles similar? Are the "solutions" the same?
2) The policy approach of Ireland with that of Iceland when the largest banks in each country became insolvent. Please explain why you think the policy makers in each country acted so differently?