Why America Should Default and You Should Live Abroad: Q&A with Doug Casey

"I recommend defaulting on the debt for several reasons," explains New York Times' best-selling author, investment strategist, and libertarian commentator Doug Casey. "Perhaps the best one is that I don't think it's correct to make the next several generations of Americans indentured servants"

His new book, Totally Incorrect, is a collection of conversations with Louis James that explore the ways in which government policy and centralized power threaten cultural and economic progress. In a series of engaging and wide-ranging dialogues, Casey and James talk about everything from the Great Depression to drug use to the Roman Empire. 

Reason TV’s Nick Gillespie sat down with Casey to discuss why America should default on its debt, why he spends most of his time in Argentina these days, and the importance of self-reliance and free-market principles.

About 6 minutes.

Produced by Joshua Swain with help from Amanda Winkler.

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  • Drake||

    The proper way to default is to hang all of our current politicians then declare a new Republic.

  • CE||

    Or better yet, No Republic.

  • MacKlingon||

    Its time to face it, when people find out that they can vote themselves a raise democracy has had it (I think I an paraphrasing Churchill). It was fun while it lasted.

  • Lord Peter Wimsey||

    Heinlein said something like "when the masses can vote themselves bread and circuses, democracy is finished."

  • DarrenM||

    Yes. If we default, we'll still have the same government, the same players that got us into this mess to begin with and will do so again.

  • CE||

    It's better to default that to do what they're going to do: inflate like heck so anyone who managed to accumulate any cash will find its value reduced to nothing.

  • The Derider||

    What do you think default would do to the value of the dollar?

  • Mumu Bobby||

    The only difference is the speed. Guess which speed is best for the political class?

    The slow bleed is all about politicians protecting their sorry backsides.

  • Rasilio||

    There is no should about it.

    America WILL default on it's debt, there simply is no other option. If it were politically feasable to reform Medicare and Social Security such that they were reduced to a true welfare program with MUCH lower costs than currently then there might be some possibility of growing our way out of the debt. However with the political realities as they currently are no cuts in spending or entitlements will be forthcoming until the government is given no choice by a collapse in their ability to borrow at which point the easiest cut to make is debt servicing costs.

  • GregMax||

    Don't you get it? The economy is magically going to burst forth with 10-12% real growth after Congress and Obama "finish" the work they've started. And we shall see a new America . . .

    Or not . . .

  • BlueBook||

    I can sorta see his point re living abroad, but relying on the benign neglect of any government, even a relatively weak one, seems awfully risky.

  • Jesus H. Christ||

    What is a better option? That's not sarcasm. Is there a better option?

  • BlueBook||

    Don't really know, but I'd say live wherever you are most comfortable, since no place is guaranteed safe in the long run.

  • DarrenM||

    I can sorta see his point re living abroad

    Personally, I'd move to New Zealand if it wasn't for my wife and kid.

  • The Derider||

    I support libertarians leaving, but not intentionally destroying the economy.

  • Mumu Bobby||

    How can you destroy what's already gone?

    We long ago (at least 5 years ago, probably about 8) hit the point that nobody has a serious plan to pay back the debt. The politicians can't even get a single year to zero, let alone pay back all they've borrowed. So the dollar is on its death bed, and the killer is math. Sticking your fingers in your ears and screaming 'it's all going to be okay' isn't going to help nor will putting on pom poms for any politicians.

  • RightNut||

    Nitpicking here, but the order of the Julio-Claudian emperors was Augustus-Tiberius-Caligula-Claudius-Nero.

  • Libertarius||

    "And the Deified Obozo ordered sixteen trillion susterces be taken from the treasury, and Obamaphonez and amnesty were granted unto all, and he was granted a triumph by the libtards and cosmotarians."

    --Obozotonius

  • Roderick||

    If you think Frank`s story is terrific,, last pay-cheque my friend's brother basically also made $4230 just sitting there a ninteen hour week from there apartment and the're buddy's half-sister`s neighbour done this for 3 months and worked and got paid more than $4230 in there spare time on their mac. applie the information from this address, http://www.FLY38.COM

  • DarrenM||

    Cheapskate.

  • دردشة عراقنا||

    Nicest chat and chat Iraqi entertaining Adject all over the world
    http://www.iraaqna.com

  • CZmacure||

    default all you want but stay where you are! - no one wants americans anywhere but america! - you messed in your bed, you lay in it.

  • 7mzone||

    Or better yet, No Republic.
    www.7mzone.com
    www.7mstand.com

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