"On CNBC this morning Trump suggested that one strategy he'll use for reducing the national debt is having bond holders accept "haircuts". ... That's called defaulting on a debt obligation.
In other words, he wants to put the US through something like bankruptcy. ... So all good, except the United States is not a struggling casino. It's a sovereign nation with sovereign debt.
It is not too much to say that centuries of American prosperity have been undergirded by the "full faith and credit of the United States." In other words, the US always pays its debts in full and on time. Indeed, it's black letter text in the US constitution that the country's debt can never even be questioned. Defaulting on the national debt would clearly be unconstitutional.
...But the fact that Trump is proposing it shows that when it comes to macro-economics and global economics Trump is a huge ignoramus who shouldn't be allowed anywhere near the Treasury. It's amazing suggestion. Not just stupid but someone who simply knows nothing about how the economy works."
Sunday, May 08, 2016
"For The Love of God, Someone Strap This Imbecile To A Rocket And Aim It At The Sun"
Brilliant move by Our Orange Master: