October 17, 2013

Quote of the Day

Pollock & Hume may share the honors:

As David Hume so rightly said, "It would scarcely be more imprudent to give a prodigal son a credit in every banker's shop in London, than to empower a statesman to draw bills upon posterity." The dogma that government debt is risk-free gives the government an outsized credit in every banker's shop everywhere. -- Alex J. Pollock

Quote of the Day Posted by John Kranz at October 17, 2013 6:08 PM
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