"The Trillion Dollar Question: Should the National Debt be Repudiated?"

I have been PREDICTING that the U.S. government would default on its
since 1993. But I have been ADVOCATING total repudiation of the
government's debt for much longer. My article making this case from
August-September 1981 issue of CALIBER (publication of the Libertarian
Party of California) is now available as a pdf download on my personal
webpage (http://www.jrhummel.com/).

I've accompanied the article with a caveat that includes the
"If I were writing it today, the article would be a little less
and my discussion of the economic consequences of repudiation would be
more sophisticated. I would tone down some minor hyperbole in the
article's opening section. In particular, the 2007-08 financial crisis
convinced me that I was much too blase about the short-run
consequences of
a U.S. repudiation. But I still think my long-run economic analysis is
correct, that my moral case for repudiation is justified, and that my
historical examples (which could be expanded and extended to other
is telling."

Hat Tip: I would like to thank Less Antman for originally publishing
editing this article, and Ross Levatter and Buzz Grafe for helping me
create this pdf copy to post online.