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March 30, 2011, 04:27:23 PM


A recent Washington Times article argued that the current discussion on Capitol Hill about raising or lowering the Treasury's debt ceiling was akin to playing a game of chicken.  The real game of chicken isn't between the Republicans and Democrats over the appropriate level for our debt-ceiling but rather how we racked up $14.3 trillion in debt.  And, rather than play the blame game, Congressmen and women should focus on restoring economic order for the long-run.

Such a conversation must necessarily consider our monetary system—a question that has been left wholly out of most current policy debates, including the political theatrics over whether to raise or to lower our debt-ceiling.  The only way that we have been able to outspend our means is because of the government's "print-on-demand" policy behind our fiat currency.

Under a true international gold standard—one in which dollars are backed by gold—this, quite simply, could not happen.  Spending would be restricted by the availability of gold and the availability of every commodity is inherently restricted by its supply.  The real debate lies not in raising or lowering our debt-ceiling but in establishing a coherent economic order.

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