Bill: Good points. I remember hearing this bilge way back in undergrad days, when my Keynesian prof uttered the mantra. It has always seemed obvious to me that, if we “just owe it to ourselves,” that we should “just repudiate it to ourselves.” This kind of nonsensical reasoning is just like the ones you hear in TV commercials: “you owe it to yourself. . . ” Yeah? And if I don’t “pay it” to my self, should I be able to sue myself for damages? (And people wonder why there is such a growing disinterest in young people shelling out $30,000 per year in borrowed money to learn such nonsense!!)

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