Comparing rudimentary 19th century financial system to present is quite absurd and misleading. Back then it was a very self contained economy fueled by production and agriculture. There were no billions of foreign bonds, volatile currency affairs or even electronic debt transfer, which can practically run the country bankrupt in a few hours if unsupervised.

I don't think I've seen a more mundanely written and ill-supported essay on financial crisis at top of HN before.