So argues economist James Grant (who calls himself a “Cleveland Democrat”) in this Washington Post piece. We have borrowed so much and will only be able to pay back in depreciating currency that in time lenders will stop giving Uncle Sam their money.

Here’s what I think is the money quote:

This is the unsustainable conceit of the world’s superpower-cum-super debtor. By deed, if not audible word, we Americans say: “The greenback is the world’s great monetary brand. You have no choice but to use it. Like it or lump it.” But the historical record of paper currencies is clear: Governments always over-issue it. The people finally do lump it.