The Owners

Earlier today, in reference to the ongoing futile scramble to delay default, Josh Marshall said the following:

The centrality of debt holders in our constitutional order isn’t a bug, it’s a feature. Indeed, the national debt — created through the federal assumption of state war debts — was created to do precisely this: get the holders of bonds, necessarily wealthy and powerful people, to have a vested interest in the fixity and stability of the federal government.(emphasis mine)

How odd.  Wouldn’t where the favors and rent came from to fluff the existing concentration of wealth (the state and its inevitable corruption), not to mention the expense they’d otherwise have to take out to defend absentee property were it not lumped in as a “public good” be incentive enough?  If not, why would government bonds matter in the end?

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About b-psycho

Left-libertarian blogger & occasional musician.
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3 Responses to The Owners

  1. Todd S. says:

    created through the federal assumption of state war debts

    To quote Robin Williams, “excuse me Mr. President, but in the dictionary under redundant is says ‘see redundant'”.

  2. ricketson says:

    It could still draw in wealthy people who have yet to try to rig the game in their favor. … a way to generate class consciousness among capitalists.

  3. B Psycho says:

    Interesting angle. Kind of putting a toe into the waters to test.

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