Wednesday, July 26, 2017

Enslaving the Future

Amanda Jones: What is this?
Keith Nelson: It's my future.
--Some Kind of Wonderful

Salient point by Thomas Massie on who pays for the public debt that finances deficit spending. Today's generation borrows and tomorrow's generation pays. There is, however, an argument to be made that this is more appropriately termed slavery rather than theft.
This is why I refuse to buy sovereign debt. I could not look my niece and nephew in the eyes knowing that I was party to a contract that put them on the hook for my generation's profligacy--not to mention the coupon payments on the bonds for my financial gain.

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