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In Part 3 of this five-part INET "From the Director's Chair" interview, INET Executive Director Robert Johnson talks with John Mauldin about the long-term debt problems in developed countries. Mauldin says that contrary to recent conventional wisdom, "just because we're developed countries doesn't mean that we can't get overleveraged." The real issue, he says, is what happens when developed countries realize they have an unsustainable debt burden. Paraphrasing Herb Stein, Maldin says, "If something can't happen, it won't happen." The interesting question is what happens then. How do developed countries solve the dilemma? Not every developed country will make it through, Mauldin says.