Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
No, the prosaic is the wrong one.  The only reason that you could pay for such debt while also lowering interest rates to zero is if the dollar really did command greater value in times of crisis, which it does. And that is explained by the fact that political power -- a social function -- is a more secure guarantee of wealth than anything else.
by santiago on Wed Sep 2nd, 2009 at 10:25:15 AM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series