Though Kenneth Rogoff has written some fairly obtuse op-eds over the years, the book he co-authored with Carmen Reinhart, This Time Is Different, was very much a worthwhile read. If their Keynesian, Phillip's Curve ideology is ignored, they offered some really interesting statistics. Most useful to this reader was their soberly introduced point that Greece has been in default half of its modern existence. About government defaults more broadly, they similarly clarified that defaults are rarely an all or nothing thing, rather they generally involve slight ‘haircuts' for creditors. And while they didn't tie this to modern times, they made...