RealClearMarkets – Get Over It, We've Already Defaulted.

Get Over It, We've Already Defaulted By John Tamny In their 2009 book, This Time Is Different, economists Carmen Reinhart and Kenneth Rogoff singled out Australia, Canada, New Zealand and the United States as countries that have never defaulted, or more specifically, have "never outright failed to meet their external debt repayment obligations or rescheduled on even one occasion." Of course, as they later acknowledged on the same page, there are other ways to default.