History repeating the Jazz Age of credit

Good opinion piece in the FT, "Lessons in the Jazz Age for Creditors" by James McDonald. It tells an interesting story associated with the debt imbalances in the 1920's leading to inflation and default in Germany. In the 1920's, it was Germany the debtor borrowing from the large exporter and creditor America. Every time is different but there is always something to learn from history. It does repeat itself.