Bruce Bartlett reports that Glenn Reynolds has hit upon the idea that conservatives should push for a default on the national debt, on the theory that this would raise the future borrowing costs of the federal government in a way that makes future deficit spending impossible. This is truly a case of one of those ideas that’s so wrongheaded you don’t know where to begin, but Bartlett has a good start on it.
This does kind of make me wonder how Reynolds’ money is invested, though. If this was your political program, how would you be trying to protect yourself? Gold bars in Zurich deposit box?