Here is the video of the panel discussion “What of America’s Future?” at the David Horowitz Freedom Center West Coast Retreat on March 23, 2014.
The moderator was Brian Calle. My colleague in the discussion was Prof. Charles R. Kesler.
Charles Kesler’s recent book is entitled I Am the Change: Barack Obama and the Crisis of Liberalism
Thanks to the David Horowitz Freedom Center for inviting me to participate!
Thanks for posting this.
Great conversation, thoroughly enjoyed it. I had playback problem after problem. Vimeo is based in NYC, so I wouldn’t be surprised if some Leftist sys admin has sabotaged it.
Good talk.
One thing I’ve been wondering since reading your book is the exact nature of “The Big Haircut”.
It seems looking at the history of defaults that there are many ways to go about it- some better (restructuring, local currency conversions), some uglier (devaluation, hyperinflation). It might be helpful to flesh out the details a bit because things could unwind faster than we think.
When you touched on the predictions in your book coming to fruition sooner than you imagined, it occurred to me that’s the case with the haircut also. A lot of liberal economists like to point out that it’s technically impossible for us to be forced to default because our debt is denominated in dollars and we can just print away, but that’s a sort of stealth devaluation.
At the same time, private citizens will demand the real thing sooner rather than later, just like they’re demanding a balanced budget.
“private citizens will demand the real thing sooner rather than later, just like they’re demanding a balanced budget.”
That is the propertied class and the savers. The debtors will not understand the risks until it is too late but that is always the case with them.
Unfortunately, Mr Anonymous is correct.
Everything you need to know about it is shown in this chart:
http://rjsigmund.files.wordpress.com/2014/02/nyfedq4percent90daydelinquentbytype.jpg
Since the government took over student loans and turned interest payments into a revenue stream, they’re pushing more and more kids over the cliff. The fuse of the big default could just be lit from the bottom up.
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