Sovereign debt default is very common throughout history

"Sovereign debt default throughout history has been very common for centuries , sovereign states have defaulted on their obligations , usually it happens because they borrowed too much and then just they can't pay and they inflate and things do not turn out well and then they default like Latin America in the 80s and 90s many countries defaulted , now I believe that the next country that is very vulnerable would be say Japan or the United States and also in Europe within the EU we have the so called PIIGS in other words Portugal Italy Ireland Greece and Spain these are countries that are quite vulnerable ..."

at http://marcfaberchannel.blogspot.com/2011/11/sovereign-debt-default-is-very-common.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MarcFaberBlog+%28Marc+Faber+Blog%29