In a remarkably rambling article, minor Beltway pundit and dabbler in economics, Bruce Bartlett (M.A. History, Rutgers University) has taken to listing and trying to smear real scholars in economics who do not share his hysterical government default-phobia. Well, I have another eminent economist who may be a candidate for his hit list.ared at Circle Bastiat. Read the rest here.
Tuesday, October 15, 2013
Joe Salerno Takes on Bruce Bartlett and His Attack on Debt Default Advocates
Joseph Salerno writes at Circle Bastiat:
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Salerno failed to mention the default that took place under Carter about the time of the 3 Mile Island fiasco.
ReplyDeleteThe United States defaulted on some Treasury bills in 1979. And it paid a steep price for stiffing bondholders. The default phobia is based on recent history.
The Day the United States Defaulted on Treasury Bills
http://www.forbes.com/sites/beltway/2011/05/26/the-day-the-united-states-defaulted-on-treasury-bills/
That the government had to pay somewhat higher interest rate has nothing to do with any 'default phobia', When have the 1% ever given a shit about sticking the taxpayer with the bill if it means they get cheap money? Today's fat bastards are shitting themselves that the government will be forced to make a decision on what (and who) to cut and that no amount of lobbyists will save them if millions of voters are outside congressional offices screaming and shouting.
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