Two Cheers for the Coming Collapse of the U.S. Economy!

[Valin]

Reason TV:

 

 

 

Published on Jan 26, 2013

 

"At some point, holders of Treasury securities are going to recognize that these unfunded liabilities are going to affect the fiscal capabilities of the government and then you're going to have the same situation that happened in Greece happening in the U.S.," says Jeffrey Rogers Hummel, who is a professor of economics at San Jose State University and the author of a *recent paper on the consequences of a U.S. government default. "In the short run it's going to be painful, but in the long run it'll be a good thing."

 

Reason's Nick Gillespie sat down with Hummel at FreedomFest 2012 for a wide-ranging discussion on monetary policy, business cycle theory, the longevity of the welfare state, and why libertarians who rail against the Fed are like "generals fighting the last war."

 

* Some Possible Consequences of a U.S. Government Default

 

Just the thing to curl up with on a cold winters night!