Whatever one thinks of Jefferson, whatever one thinks of Jefferson, whatever one thinks of Hamilton, whatever one thinks of Adam Smith, whatever one thinks of Keynes, at least it is possible to operate an economy for a decade or two based on a consensus that revolves around a reasonable straightforward economic philosophy.
Seriously, without Greenspan around to keep using increased debt of one kind or another to bail out the last screwup, who will be able to stem the deluge, and how? The goldbugs may have the resource to stay afloat in the deluge, but how will the infrastructure continue to function in the confusion that is likely to accompany an economic collapse? It doesn't take a lot of gold to weight you down, and those 100-ounce silver bars are mighty good paper weights. And to those who expect the bubbles to burst with a giant pop, there is reason to suppose that this famous phrase may be relevant once again as a descriptor of the future.
Après moi, le deluge, literally "after me, the flood," the French phrase is attributed either to King Louis the XV or to his mistress, Madame Pompadour.
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