The Red is Coming
According to Buchanan, the U.S. is looking at a budget deficit “that could approach $2 trillion.” He more conservatively puts it at $1.4 trillion. To put it in context, for Canada with a tenth of the population, it would be like a budget deficit of $140 billion.
He continues:
“We are headed either for default on our debts and bankruptcy as a nation, or something less honorable: a quiet cheapening of the debts we have incurred by inflating and destroying the dollar, robbing our creditors of what we owe them and robbing our own people of the value of what they have earned. And so it has come to this.”
My question is: is there another option? My next question is, what is the likely option that the U.S. will take?