Today, 03:44 AM
'The rule is jam tomorrow and jam yesterday but never jam today."
If fiscal conservatives (so called) should by dying, it should be on the hill of something like commodity standards derived and enforced by markets - and certainly not on the hill of gimmicks for the preservation and promotion of the pretense that a fiat system can be constrained and managed responsibly.
There would be little or no need for contrivances such as "debt ceilings" under commodity money standards, because such standards would inherently limit the State's capacity to spend. States implement and enforce fiat systems precisely in order to get around such limitations in the first place. The post hoc bolting of poor and toothless imitations of those constraints onto the edifice of fiat is like installing smoke alarms without batteries after the house has already caught fire ...