The National Debt Is a Loud Tell That the U.S. Isn't "Printing"

No one buys, sells, borrows, or lends with “money.” Production buys and sells production, while borrowing and lending are an exchange of products over longer stretches of time in return for more products (interest). It’s worth keeping in mind as members of the Austrian School claim that the only limit to government borrowing is the speed of the printing press, and as scholars at Cato claim that central banks enable bigger government. They ignore that production is the only source of demand. To suggest that governments, or that creations of government can create demand out of thin air isn’t just to dismiss Say’s Law, it’s to support Paul Krugman’s dangerously incorrect view that governments can stimulate demand. No, they can’t. There’s production and there’s nothing else.

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Excerpt limited to ~120 words for fair-use compliance. The full article is at RealClear Markets.