Fekete was one of the few old Europeans to recognize the central role of money: on the positive side as a means of amicable division of labor, on the negative side as a casualty and lever of political intervention.
The economic analysis of repudiation applies to the debt of all levels of government and to all countries. The central question is not how big the government is or how much it owes, but rather whether the debt is funded by taxes.
The Japanese experience offers valuable lessons for the US and Europe. A loose monetary policy can stabilize a recession for the short term, but a persistent flood of cheap money paralyzes productivity gains and growth.