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Home | Blog | We Only Repudiate It to Ourselves

We Only Repudiate It to Ourselves

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02/01/2013

FDR famously said that government debt doesn't matter, because "we owe it to ourselves." In that case, Butler Shaffer helpfully asks, what's the harm in default? We're simply repudiating our obligations to ourselves.

Of course, default isn't so bad even from a purely economic point of view.

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