We will default

America Boils Over

George Floyd’s death at the hands of a white police officer has triggered protests across the United States and laid bare the country’s racial, economic, and political divisions. How, if at all, might America heal – and does history offer any guide?

We normally default if Roosevelt, Nixon,  and about five other presidents have done.  And exactly as standard economic theory predicts.

In this Big Picture, Harvard’s Khalil Gibran Muhammad traces today’s crisis to the United States’ founding and argues that overcoming it will require fundamental political and economic reforms. Above all, elected US officials should put racial justice at the center of their vision for a new America.

No, he is historically ignorant.  We will engage in a partial default.

Focusing on America’s long-standing problem of racist law enforcement, Jeffrey Sommers of the University of Wisconsin-Milwaukee says that a multi-pronged strategy is needed to reduce the pressures on both urban communities and the police.

That requires freeing up liquidity, and that means default.

It is exactly at these times that we default. If you need proof look at us defunding the police union. If we are willing to do that, then believe me, we are willing to default.