Money is ruthless. The genius of compounding confirms the previous truth. This rates mention as economists Yeva Nersisyan and L. Randall Wray promote the fiction that U.S. “cannot default on debt denominated in dollars.” In their defense, they’re far from the first academics to assert what's false about dollars and debt, and surely not the last.
About what you’re about to read, fear not. As in don’t worry about reading yet another impassioned call for the proverbial “adults” in the room to get serious about the looming crisis of the national debt. Quite the opposite. As my upcoming book, The Deficit Delusion, argues endlessly, the deficits and debt are but symptoms of the real problem: too much tax revenue collection by the U.S. Treasury now, and much worse, much more tax revenue collection by Treasury in the future.
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