Barry Eichengreen’s paper is exactly what one would expect from him—lucid, balanced, and thoroughly reasonable. I admire its virtues. I suspect that his principal conclusion—that private sector burden sharing is very difficult or, as Americans like to say, there is no “silver bullet”—is correct. For all that, his paper has flaws, partly of attitude, but more of substance. To assume, as Eichengreen does, that debt is owed by the public sector is to omit the most significant feature of the Asian crisis.