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An email from a listener to my radio show:
For the second time of which I am aware, on Tuesday, May 13, 2008, you invited our attention to the point that we no longer pay our debts, but that we now only discharge them. If I correctly read and understand the legislation of [...]
Over the past weeks, I’ve advanced the seemingly simple “maxim” of economics that “what can’t be paid, wont’ be paid.” This “maxim” was inspired by observing that the USA’s total current debt is about $75 trillion, and there are close to $600 trillion in “derivatives” floating around in the economic stratosphere and—if you did [...]
