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September 16, 2011

Put Debt Repudiation On the Table

I propose, then, a seemingly drastic
but actually far less destructive way of paying off the public debt at a single blow: out-right debt repudiation. Consider this question: why should the poor, battered citizens of Russia or Poland or the other ex-Communist countries be bound by the debts contracted by their former Communist masters? ... Similarly, we the living did not contract for either the past or the present debts incurred by the politicians and bureaucrats in Washington. -- Repudiating the National Debt - Murray N. Rothbard - Mises Daily

Posted by Vanderleun at September 16, 2011 8:36 PM. This is an entry on the sideblog of American Digest: Check it out.

Your Say

We can't blame this on Washington. It is our fault. We keep electing these clowns. We wanted our benefits, our subsidies, and our tax deductions. The only way forward is to acknowledge our responsibility and pay our debts. Anything else is dishonest, unmanly, and despicable.

Posted by: Fat Man at September 17, 2011 9:26 PM

To the extent that the folks inside the beltway (Congress, Presidents, Lobbyists, Regulators) changed laws to allow banks to have branches all over the country, pushed the easing of credit, allowed the mailing of pre-approved credit cards,
allowed the feds to "guarantee" nearly all home mortgages' reduced underwriting requirements, offered government cash to those buying homes,, changed the rules in midstream,ran inflation from 3% to 16% and down again, used Enron accounting in their calculations of economic statistics, determined that bankruptcy didn't exist for favored creditors, etc., etc. etc it is the fault of those inside the beltway to a very large extent, and they should be made to suffer along with everyone else for their folly.

Posted by: St. Thor at September 18, 2011 2:02 PM

I've been thinking that we should have an inheritance tax that wasn't just to steal your money, but to pay for all those things/programs from the government you used during your life time. Just assume the government loaned them to you, put them on your bill, and now in death you have to pay them back. It would also have the affect of making you more aware of what you were using that wasn't paid for. And make you more aware of which politicians were hanging this debt on your head.

Posted by: Colorado at September 27, 2011 7:05 PM

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