Friday, November 07, 2008

To Hell with the Long Run

For Christ's sake stop worrying about the long run and whether long run US fiscal policies will be sustainable. We should be trying as hard as possible to undermine confidence in the creditworthiness of the US government, and especially in the soundness of the US currency. We should be doing everything we can to discourage investors from holding their assets in US Treasury securities. We should be following a policy explicitly designed to bankrupt the US Treasury. Some time later (possibly much later) it will be necessary to change this policy, but let's try not to give away the secret that we intend to change it.
Sent via BlackBerry from T-Mobile

4 Comments:

Anonymous Anonymous said...

Is this a Swiftian "Modest Proposal" or serious policy advice?

Since nearly all of the US' foreign debt is denominated in dollars, we can decouple the two ideas you mention: dollar decline and Treasury bankruptcy. Just devalue our external debts, but keep all domestic lenders solvent.

But maybe I don't understand what you're getting at. In deference to the "knzn" Homeric theme, perhaps I am living in the Land of the Lotus Eaters.

Fri Nov 07, 11:14:00 PM EST  
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