Historically, Why Did European Nations Borrow More Than Asian and African Nations?

Because Europeans fought more frequently!

The 1525 Battle of Pavia in Northern Italy. Fighting in this era became more dreadful as cannons were improved upon their medieval counterparts such as being able to destroy larger fortified walls, fire more shots with greater accuracy and repel incoming enemy charges effectively. Public Domain image via Wikipedia.

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Remember the debt default showdown between Speaker McCarthy and President Biden that went down to the wire back in June? Remember our political parties’ perilous game of chicken that dominated the news for a few days? Well, guess what? We are now paying the price for it.

Top: U.S. Debt/GDP, 1966–2022. Public Domain. Bottom: Interest on U.S. debt (1988–2022). Public Domain.

Fitch Ratings downgraded our national debt from “AA+” to “AAA”. While this was front-page Wall Street News on August 2, 2023, its coverage was eclipsed by Mr. Trump’s new indictment. But I am willing to bet that even if such sensational news as our former president’s indictment for allegedly inciting insurrection hadn’t monopolized the news media, this stain on our nation’s otherwise clean credit score still wouldn’t be a big headline splashed on top of the Journal (or other newspapers). Why? Well, because we Americans tire quickly, particularly if something is too technical or lacks immediate impact. Regarding the latter point, yes, it…