Saving U.S. AAA Credit Rating an Act of Congress Away

Keynes was no match for those in public service steeped in a Hamiltonian credit system.

That which is done is what will be done,
And there is nothing new under the sun.
—Ecclesiastes

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Two hundred and thirty-four years after the Declaration of Independence was signed it still sometimes can be offensive hearing an Englishman advising Americans on how to run their country...




Forget about Keynes. What is this fascination? The guy couldn't hold a candle to the Harry, Dick and Jane team FDR threw at him at Bretton Woods. That's what happens when Alexander Hamilton is pitted against Adam Smith. Call it a political resurrection. And it will happen again.

Dreamers are those who wish to turn back the hands of time believing it possible to reverse America's success at freeing itself. Evidently John Browne is unaware that, government here is charged by the will of the people. Maybe this still is a bad memory in his neck of the woods.

Listen, the minute the United States moves to form its Third National Bank the credit rating on the nation's debt will soar (and if I might add, the value of gold will plummet). Someday maybe you will see how the muscle that, even now, makes Treasury's paper remarkably valuable could be put to far more powerful use.

—Tom Chechatka