Alan Blinder on the blindingly obvious. "...the bonds that will be issued to cover deficits will almost always mature in less than 10 years, a time frame within which most of today's taxpayers will still be around to pay the bills. So intergenerational aspects of present-value budget constraints are mostly irrelevant."
But the post is mostly about Vickrey.
Fictional Reserve Banking
Bill Vickrey and Alan Blinder on the burden of the national debt