The debt-ceiling circus in Washington continues as I write this. The Republicans seem bound and determined to ruin the "full faith and credit" of the United States, while President Obama is frustrated that the Republicans won't accept his deals to cut Social Security and Medicare. None of this is necessary. We don't need a debt … Continue reading Debt-Ceiling: An Absurd, Unnecessary Law
Day: July 25, 2011
Government Bonds are Just Like Government Money
Government debt is not like private debt. Government debt, government bonds, are really just another form of the government-issued fiat money obligations - just like paper money. There really is little difference between government bonds and that paper money in your pocket - except that the bonds pay interest and are harder to cash at … Continue reading Government Bonds are Just Like Government Money
EconProph 