What happens before that, according to history--and maybe we can be the first country since ancient Florence and all the others not to do this--what happens is then you start monetizing the debt. You start printing the money. I think, as you look at these long-term trends, that is where we are headed. I wish I could be as optimistic as the Senator from New York, but I think the hard realities suggest something different.
The speaker discusses concerns about debt monetization and economic trends.
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first of all, I congratulate my colleague on becoming a grandfather. I am pleased to have him join the ranks. Talk about taxation without representation, that little grandchild of yours faces that.
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