Glenn Reynolds, professor of law at the University of Tennessee and right wing blogger "Instapundit", seems to have outdone himself with some outside the box (way outside) economic theorising:
SO HERE’S A QUESTION: Would a default on Treasuries accomplish what the Balanced Budget Amendment was supposed to achieve, by forcing the government to spend no more than it takes in?
As the prospect of a default by Greece's tiny economy causes massive palpitations in the heart of Europe, Reynolds wryly concedes that a US default would likely cause plenty of "collateral damage".
All very amusing, of course. But was it worth generating a blog post for such a lame joke?
Obviously, no. The fact is that there's germ of truth here, and it has formed part of Republican economic thinking for decades.
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