With a Sovereign National Currency, You Can’t Go Broke

One million dollars for James Grant

James Grant has written a deficit hysteria piece for Time magazine, pretending that the US is in danger of becoming insolvent.

Back in 2010 Warren Mosler issued a million dollar challenge to anyone who could prove that the US could go broke. No one has ever collected for the simple reason that a nation with a nation with a fiat currency, who borrows money in its own currency, can never go broke. Which is why he issued the challenge, to call the bluff of the deficit hysterics.

Deficit hysteria is a form of class warfare, its purpose is to enforce austerity and prevent us from spending money on health, education, pensions, infrastructure, or anything that ordinary people actually want.

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