John Cochrane demole os argumentos dos petistas a la Unicamp que assessoram o pior governo Americano desde Jimmy Carter:
The end must
come in sharp and sudden inflation or default. And that is a catastrophe. When Washington can no longer borrow, our normal crisis-mitigation
policies disappear—the flood of debt relief, bailout, and stimulus that everyone expects—together with our capacity for military or public health spending to meet the roots of the crisis. Yes, the United States prints its own money and Greece does not. But that fact only
means that a crisis may end in sharp inflation rather than chaotic default. And it is not obvious that the US government will choose
inflation over default. Will Congress really prioritize paying
interest to, as it will see them, Wall Street fat cats, foreign central bankers, and
“the rich” who hold US debt, over the needs of struggling Americans? Will our
elected officials really wipe out millions of voters’ savings in a sharp
inflation rather than devise a complex haircut for government debt? Don’t bet on
it. But if bond investors smell a haircut coming, they will flee all the
faster
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