There is a strange story in today's Business Daily to the effect that "experts back Treasury's plan to pay debt using Eurobond funds". It's strange in two respects. One, it attributes the views to one expert while giving the impression that some kind of polling amongst economists and other experts was the basis of such assertion.
But two, it seems to suggest that economists are now happy with a Ponzi scheme, for that is what it really is. There is something that in our school is called the "Minsky moment" - named after a great economist by the name Hyman Minsky. This is when there a sudden collapse of asset prices after a long period of growth, sparked by debt or currency pressures. Are we courting it?
No expert worth his or her name will call for an unqualified Ponzi programme. Kicking the can down the road will catch up with us.
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