The US Government's Slow Default

The U.S. government has borrowed too much and made too many expensive commitments which it now can’t keep. It’s going to default.Not everywhere. Not all at once. But a long, soft, slow default.

Wednesday, May 31, 2023

Chiswick, West London

The debt ceiling drama is almost behind us. As we expected, there was no default. Congress will vote on the deal tonight.

We took advantage of the brief pan…