Jeff and Bob discuss the effect of rising interest rates on Uncle Sam’s ability to service debt—and promote the increasingly less radical idea that a default on Treasury debt is both inevitable and good.
Jeff’s article on rising rates: https://Mises.org/HAP351-1
House Budget Committee report on higher interest rates and US debt service: https://Mises.org/HAP351-2
Rothbard on the ethics of debt repudiation: https://Mises.org/HAP351-3
00:00 Introduction
03:06 The 14th Amendment: Is the Debt Legal?
06:58 Repudiating the National Debt
16:07 Cancelling the Intragovernmental Debt
18:41 Defaulting on the Public Debt
25:52 Paying Entitlements
32:50 What a Default Would Look Like
39:57 Modern Monetary Theory (MMT)