AA and Government Debt
This is basic for properly understanding economists. If you do not understand this, you will not understand why economists, who should see the devastating cumulative effects of government debt, invariably say that things are not beyond the point of no return. For an economist, now is not the day of salvation. That day is always in the future. For an economist, there is always enough time for getting government debt under control. For an economist, there is no day of national judgment, no day of national reckoning. A business can go bankrupt. An individual can go bankrupt. But a government need not go bankrupt if it has a cooperative central bank or foreign central banks to buy its debt. Such is the teaching of economists, except for Austrian School economists, who know a government drunk when they see one…
What is my solution to the Federal Reserve System? It is Andrew Jackson’s solution: Revoke its federal charter by revoking the Federal Reserve Act. Then demand the return of every ounce of gold at $42.22 (the official price), which will then be minted into tenth-ounce gold coins and sold to reduce the Federal deficit
