How to be sure we will honor our obligations

Paul K. writes:

From the great minds at the New York Times, NPR, and elsewhere, I gather that Republicans must agree to raise the debt ceiling, as failure to do so would jeopardize the faith our creditors have in America’s commitment to honor its obligations. If so, why don’t we raise the debt ceiling to $70 trillion dollars?

That is an estimate of the total amount of wealth in the world, and by making it our debt ceiling our creditors would be assured that America is fully committed to honoring its debts as long as there’s a dollar anywhere remaining to be borrowed.

Posted by Lawrence Auster at July 16, 2011 12:12 PM | Send