Hmm. I wouldn't characterize what happened in the 2000s as a debasement of the dollar. Real wages have decreased, but shouldn't we want to spend less money on

Hmm. I wouldn't characterize what happened in the 2000s as a debasement of the dollar. Real wages have decreased, but shouldn't we want to spend less money on labor as we develop labor-saving technologies and take advantage of cheap foreign labor that substitutes for domestic labor? Why is a trade deficit a bad thing? It means we're sending dollars overseas and other countries are sending us real stuff in return. Sounds like a pretty good deal to me. What's wrong with the fed being the only large buyer for U.S. debt? If the fed holds all our treasury securities, then the interest payments don't really matter, right? Is there any reason why it's bad for this to be a permanent arrangement? I still don't see why an ever-growing deficit is a problem. Do you think it will necessarily lead to inflation? If so, why? When you say that the U.S. can't afford its entitlements, what do you mean by that?