Cullen Roche, victim of Political Delusion

As a currency issuer, it must spend before it can tax or sell bonds. This is a matter of simple logic. If the USA does not name and issue the thing with which taxes are payable then the private sector can never obtain that thing and utilize it for extinguishing taxes. Pragmatic Capitalism

Nonsense. Bondholders know the game and hedge. The end result is the USA has to borrow wisely just like any household.

The delusion here is that along the 3,000 mile stretch from DC to the Pacific, taxpayers will be meek and humble. Taxpayers could give a fig about paying taxes when the going gets rough. Cullen may have his paper insured, but it will be worthless in California when most of the economy is underground.