Repudiate Government Debt
A Modest Solution
by Butler Shaffer
“We cannot solve our problems with the same thinking we used when we created them.”
~ Albert Einstein
Governments in America – at both the state and federal level – are in an escalating state of bankruptcy. Politicians, media hacks, and academicians propose the kinds of responses reminiscent of the classic definition of insanity: to keep repeating the same actions expecting a different result. Increase income taxes, cut spending, enact a federal sales tax, tax “junk food” and tanning salons, are just a few of the suggestions being made by those intent on recycling political solutions to politically-generated problems.
At the center of all this is a national debt that has arisen from a basic truth that statists prefer to ignore: human beings are much less thrifty in spending other people’s money than they are with their own. Let me control your checkbook, and I will come up with a much different pattern of expenditures than you would have. We are much more generous with the lives and property of others, a state of mind upon which political systems depend for their existence.
We need to step outside the circle of our conditioned thinking and consider alternatives to our dilemmas. I have a modest proposal to offer to resolve the national debt: repudiate it! The reality is that, even after more extended wars and the formalization of slave-state efforts to avoid it, defaulting on this debt will become the ultimate solution. Leviathan, and its institutional keepers, will not curb its appetites, particularly when all that stands in its way are the always-expendable people.