Op-ed by Joshua Sharf, includes “Look out, America: Illinois, New Jersey and New York are coming for your wallet. … Most important, we can bring the market enforcement of fiscal discipline to state finances. By making the risk explicit, rather than allowing for hidden, soft defaults, it would help to bring borrowing costs in line with actual risks. After the 1840s, U.S. states faced as much as a full percentage point borrowing premium compared to Canadian provinces. That's how it should be. …”