21 Years Ago Rothbard Wrote:
Deficits and a mounting debt, therefore, are a growing and intolerable burden on the society and economy, both because they raise the tax burden and increasingly drain resources from the productive to the parasitic, counterproductive, "public" sector. Moreover, whenever deficits are financed by expanding bank creditin other words, by creating new moneymatters become still worse, since credit inflation creates permanent and rising price inflation as well as waves of boom-bust "business cycles."
Sadly, in those 201 years, things have only gotten worse. When Rothbard wrote the above, the US debt was approaching $4 trillion (now nearing $17 trillion) and Federal Reserve policy was relatively benign compared to the current quantitative easing madness.
It's time the US defaulted on its debt!