Three Cheers for Default!Submitted by j on Fri, 07/08/2011 - 21:33
If the United States defaults on its debt, that'll be the greatest event for liberty in a really long time. It will mean that the government won't be able to borrow money for decades.
Now, some of you might say it is bad for the government to default. You're dang right it is bad for the government, but it is good for the country!
When the government is able to borrow money, it uses resources that would have otherwise been used by individuals in the private sector. Capital is much more productive when its use is decided by the market than when it is decided by career politicians handing out freebies to get re-elected.
The country is in great danger and it must change course. It's time to cut spending and stop getting into debt, so the debt limit shouldn't be raised. Let's encourage anyone we can to not raise the debt ceiling. If anyone tells you that the government will default, even if you know they're bluffing, tell them to bring it on!