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Hsieh PJM OpEd: Don't Shoot the Downgrade Messenger

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So we need to pick the lesser of two evils? It's either "dishonest money" (?) or S&P?

And how again am I "supporting" "dishonest money"? Wtf?

Any choice of the lesser of two evils is nothing more than a choice for evil.

You stated, as you believe "that supporting and defending S&P was a really dumb thing to do, and is counter-productive to the cause of liberty."

I stated that "I would find supporting and defending what I consider to be dishonest money more counter-productive to the cause of liberty."

I did not state that you are "supporting" "dishonest money".

I did point out that equating US debt is its own currency is not a fact that would substantiate the assertion that "any serious observer see what was really going on there: S&P wanted to unelect Obama and curry favor with the other party. Simple politics."

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So wait, OP is claiming that the US faces deflation right now, but we don't have to worry about an otherwise very likely default because the US can simply inflate its way out of debt (or at the very least, in order to service the debt) if necessary?

Please re-read the whole thread, not just the very last post.

Thanks,

OP

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Please re-read the whole thread, not just the very last post.

Yes. Particularly note this observation:

In the case of S&P, their assessment that the US might have a possibility of defaulting on its debt is so laughably false that it makes any serious observer see what was really going on there: S&P wanted to unelect Obama and curry favor with the other party. Simple politics.

And yes, it's laughably false. For starters, the US debt is in its own currency, so default simply won't happen since debts can be inflated away.

Need evidence? See the "Maestro" himself:

Reporter to the "Maestro": Are US Treasury Bonds still safe to invest in?"

Maestro: "Very much so. I think there's a.... This is not an issue of credit rating. The United States can pay any debt it has because it can always print money to do that. So there is zero probability of default."

Edited by Trebor
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