re: The President’s debt tweet
Keith Hennessey

We will be hearing a lot about the debt from this President. He appears more willing to play straight man to Paul Ryan’s tired comedy about the economy than Obama was. It’s a little scary when one thinks that we might actually now have a President that believes his own shtick, but the net result is the same. The leaders of both parties have used the debt to beat us about the head and shoulders should we ever wonder why we can’t have nice things like other countries do. Sooner or later Americans will begin to understand just how meaningless the national debt is and anyone in a position of authority at that time might want to have a safe room.

We are rapidly approaching the forty sixth anniversary of the end of the feudalistic gold standard and the beginning of a sovereign economy, but corruption and ignorance have kept us from reaping any reward from that. The only reasons we still use debt to finance government spending are 1) because it’s how we’ve always done it; 2) to set bond prices via interest rates; and 3) to provide welfare in the form of a guaranteed backstop for wealthy investors. The sole issuer of the currency does not need debt, or taxes, to fund spending. In fact, when that debt is denominated in that same currency the term “debt” doesn’t even apply and is meaningless.

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