This is a very strong thread on a critical issue affecting not just the United States but the globe. When the U.S. financial system collapses, there will be nowhere to hide. I've linked to this piece on my own Substack: The Debt Dispatch. I increasingly believe that the only way out that avoids a severe debt crisis doom loop scenario is …
This is a very strong thread on a critical issue affecting not just the United States but the globe. When the U.S. financial system collapses, there will be nowhere to hide. I've linked to this piece on my own Substack: The Debt Dispatch. I increasingly believe that the only way out that avoids a severe debt crisis doom loop scenario is to empower a fiscal commission with real authority; one modelled after the successful Base Realignment and Closure commission (BRAC). This would mean that a majority if not all commissioners should be independent experts, instead of members of Congress, and that the commission recommendations should be adopted with silent approval from Congress, meaning no up-or-down vote but a reflection period (say 45 days) during which Congress can reject the commission proposal but never has to affirmatively vote for it.
This is a very strong thread on a critical issue affecting not just the United States but the globe. When the U.S. financial system collapses, there will be nowhere to hide. I've linked to this piece on my own Substack: The Debt Dispatch. I increasingly believe that the only way out that avoids a severe debt crisis doom loop scenario is to empower a fiscal commission with real authority; one modelled after the successful Base Realignment and Closure commission (BRAC). This would mean that a majority if not all commissioners should be independent experts, instead of members of Congress, and that the commission recommendations should be adopted with silent approval from Congress, meaning no up-or-down vote but a reflection period (say 45 days) during which Congress can reject the commission proposal but never has to affirmatively vote for it.
I am curious what you think about that proposal.