***(Correcting previous headline. Phil Pilkington, not Yves Smith, is the author of this blog post discussed below.
Phillip Pilkington mentions me a lot in his recent post on the Naked Capitalism blog.
Here is an excerpt:
|Then Mike Norman – a regular guest on various TV shows, including on Fox News – made an even more interesting comment (starting at around 20.30). He tells a story about how he once had David Walker – former Comptroller General and member of the deficit terrorist lobby over at the Peterson Foundation – on his show. While talking with him, Norman got Walker to admit that insolvency is not an issue for US government debt –Walker and his chums, of course, have been pushing the ‘bankruptcy’ argument hard so this was something of a shock to Norman. You can hear Walker quite clearly admit that there’s no solvency issue in this audio clip.|