Historian Niall Ferguson takes Paul Krugman to task in a recent Financial Times piece.
Ferguson is right of course, that the debt load of the US is onerous and that our creditors are starting to wonder if we'll ever pay it back.
While Ferguson is correct that we have not entered a repeat of the Great Depression yet, I think he lays a bit too much emphasis on that fact. Yes, we're not there. Yet. The big difference, of course, is the status of the dollar as the world's reserve currency. That will change, and as it does, a series of painful adjustments will take place in the US.
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