Repudiation Is an Option
We have a government that cannot control its spending, and we have a national debt that cannot possibly be paid back.
We have a government that cannot control its spending, and we have a national debt that cannot possibly be paid back.
Recorded at Mises University 2011. Includes an introduction by Mark Thornton.
If Congress passed legislation that systematically reduced the debt ceiling over time, the economy could be rebuilt on a solid foundation.
It is simply impossible for one immersed in the political game to think normally. If we accept as normal the thought processes of those who make a living in the marketplace, then the tergiversations of the political mind must be considered abnormal or "crooked."
As an exercise, I'll contend that constitutional monarchy can better preserve people's freedom and opportunities than democracy as it has turned out in practice.
From Man, Economy, and State, narrated by Jeff Riggenbach.