The banking system we take for granted is unfixable. The good news is that we no longer need to rely on any private, rent-seeking, socially destabilizing network of banks, at least not the way we have so far.
shows why the current private system is unfixable – and why we don’t need to tolerate it anymore.
Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
纽约—2023 年 1 月 19 日,未偿付的美国联邦债务存量达到 31.4 万亿美元,从技术上讲,已触及法定“债务上限”。 财政部现在正在采取“非常措施”,为国会争取更多时间在利息或本金支付到期之前提高或暂停债务上限。 如果不这样做,将引发主权违约。
如果您怀疑这是否会发生,请再想一想,因为它已经发生过。 1790 年,亚历山大·汉密尔顿(Alexander Hamilton)领导下的财政部接管了各州债务,将利息支付推迟到 1801 年。1814 年 11 月,1812 年战争摧毁了财政部和白宫,政府没有足够的黄金 和白银来支付到期的债务利息。 1862 年,联邦政府拒绝将它在前一年创造的美元兑换成黄金。
接着,在 1933 年,国会应小罗斯福总统的要求,违背了政府按固定价格以黄金支付自由公债的义务。 1979 年 4 月和 5 月,技术故障导致财政部错过了赎回 1.22 亿美元到期国库券的最后期限,一些投资者等待了一个多星期才收到付款。
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