When I studied economics in college – under a high-church Keynesian – deficit financing was rationalized on the ground that “we only owe it to ourselves.” Great! The Keynesians have offered the solution to the very mess their thinking has generated. Instead of further taxing the citizenry to bail out the principal players of this game, let the government simply refuse to pay the debt. After all, if “we only owe it to ourselves,” why should we not simply “repudiate it to ourselves?”

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