Standard Magic Walrus BS

Heteconomist:

Given the mass media’s proclivity for pumping out superstition and myth, especially when it comes to macroeconomics, this reaction would be entirely understandable. But, actually, assuming the government is a currency issuer that refrains from borrowing in currencies other than its own, questions of its financial sustainability do not apply.

Complete hogwash, our government generally shuts down when interest charges spike.  And when the government deficit spike, we generally have a recession.  Let me put up a chart:

Their we have it.  Since the Nixon Shock, every rise in the government deficit precedes a recession.  That would be 100% of the time.  And Mr. Heteconomist might note that our government executes a difficult regime change each generation as the bills cannot be paid.

So,at some point in the future, universities will remove the Magic Walrus horse manure, not soon but as soon as the basket weaving MIT grads retire.