So, isn't it time to demythologize all of this? Treasuries are bonds just like any other bonds. There's nothing magic, mythical, or sacred about them. A default on US government debt is no more or less radical than a default on any other kind of debt.
If Congress passed legislation that systematically reduced the debt ceiling over time, the economy could be rebuilt on a solid foundation.
It had become an underground classic, with dog-eared copies of the book fetching hundreds of dollars on Amazon before the Mises Institute republished it.
As interviewed by Mark Carbonaro, 1460 KION, Salinas, California; 29 April 2011.
A man would die of hunger who, having decided that money is real wealth, should carry out the idea to the end, writes Frédéric Bastiat (1801–1850).
Farmer Boy was probably written by Rose Wilder Lane in the mid-40s. Money is work is a phrase from this book. Money is hard work and much time. Government edicts don’t create money; markets create money.
We cannot eat money. We cannot wear money. We cannot live in money. Money can’t buy you love, writes Shawn Ritenour.
With 25% more to fall, and many houses under water by thousands of dollars, or hundreds of thousands, what's the incentive to pay? If a borrower wants to work out a compromise in good faith, how can they know if they are negotiating with the right party? The mortgage mess is a house of mirrors.
