The economic analysis of repudiation applies to the debt of all levels of government and to all countries. The central question is not how big the government is or how much it owes, but rather whether the debt is funded by taxes.
How do we convince people to submit themselves to the regime or to even die for it? Convince them that the regime was founded and sustained by a breed of superhuman "statesmen" like Wilson, Lincoln, and the "Founding Fathers."
As soon as cash has been pushed back or stripped away entirely, monetary policymakers can implement an uninhibited negative interest rate policy to devalue debt. Customers can no longer get out of the “bank balance sheet”; the final escape door is then locked.
The bill’s supporters may talk about how it will give workers the ability to choose to organize at work, but much like the mafia, this bill will ensure that the choice to unionize is one that workers can’t refuse.
Scheidel contends that the fall of Rome precipitated the kind of competition-driven innovation that made modernity possible in the first place. Rome’s greatest gift to posterity is that, in disappearing, it made room for the West to rise.