Includes “We believe that most people know (or reasonably should know) that the government is a profligate spender. Its spending is much greater than its tax revenues, so it makes up the difference with borrowing. It may be less well-known that, in addition to outright borrowing, the government is also making promises to pay in the future which it has no means to honor. … As Goethe observed, ‘none are more hopelessly enslaved than those who falsely believe they are free.’ …”
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