The cycle of sovereign borrowing, default, and new borrowing has a long and continuing history.
Executive government and over-indebted government have arisen simultaneously as a result of affluence and technological mastery. Although wonderful in themselves, these developments have transformed our politics and government (along with much else) in surprising ways, and we have yet to assimilate them to the proper conduct of public affairs.
The illustrious audience went “wow,” and the text reads even better: there’s a thought worth pondering in every paragraph. E.g., Chris’s remedy is to re-empower Congress and to parochialize our politics—that, from the man who ran OIRA under the Reagan administration. And I take my former boss’s gentle reproach: I’m with your program, Greve, but at the end of the day it’s Mickey Mouse.
Chris DeMuth may be right or wrong, but he has thought more earnestly about our institutions than any of us. He has opened a way to think seriously about constitutional government. The angels listened in. So, frankly, should you.