Archive for November 4th, 2009

In the financially intemperate 1840s no fewer than eight states, including North Carolina, defaulted on their bond obligations. “The Constitution forbade the states to tear up their contracts,” Robert Wernick wrote in the December 1964 issue of American Heritage. “But to get their money back, bondholders would have to sue the states, and the Eleventh Amendment says a state may not be […]

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