corresponding increase in taxes, this plan has set off alarm bells for those concerned about the expansion of government deficits … paper (fiat) currency and government bonds in the U.S. and demonstrates that without federal deficit spending, the private … sector would lose steam and face a recession. Without federal bonds, the government would lose a lever to control interest …

cheating (expropriating) government may actually deter a monetary authority from cheating (reneging). Furthermore, Rogoff …