Surely governments can just borrow their silly monopoly money forever, print their silly monopoly money forever, and spend this silly monopoly money forever!
How dare Rob Arnott suggest on King World News that governments should not only match their spending to their tax receipts, but should recognise the horrible demon of reality and possibly even start paying their debts off!
Does this man fail to realise that this will bring about the end of civilisation? Can you even imagine the horrible world we’ll have to exist within if governments are forced by the evil of reality to live within their means? In the immortal words of Rubeus Hagrid, it’s an outrage!
Obviously, as a man myself who recognises no government right – except that sweetly extended to me at the end of a gun barrel – to use me as a tax cow to pay off debts spent by them on themselves and their friends – such as the almost entirely destructive Guardianista class of Great Britain – I look at this at a slightly different angle to Mr Arnott. However, his hard-boiled analysis is interesting, nevertheless.
(And for those who have missed it, which is actually quite hard to do on this web site, here is Uncle Murray’s splendid article on the business of government debt repudiation.)