Reasons for Long-Term Optimism

Gary North, toward the end of his column on the Great Default, gives reasons for optimism about the US:

The United States has some very great advantages. Here are a few:

1. A tradition of entrepreneurship

2. Ease of starting a business

3. Geographical mobility

4. Occupational mobility

5. English

6. Educated labor force

7. Dying trade unions

8. Widespread literacy

9. Freedom of the press

10. Internet replacing the press
11. Widespread gun ownership
12. Growing skepticism regarding Congress
13. 50 separate states
14. Independent county governments
15. Facebook
16. Politicians who are on the defensive
17. Political gridlock in Washington
18. Talk radio
19. An escape hatch: bankruptcy laws
20. High charitable giving

Americans can declare bankruptcy and start over. This is an important tradition.