I’m working on a piece about the housing bubble (at least here in Detroit), but it’s just not ready to go to print yet, and I’ve got an exam tonight. I’ve also been toying with the concept of anarchy lately, as you might’ve noticed. I’m working on an approach to that, also.

In the meantime, David Friedman chimes in wisely on the fear over the “National Debt.”

“Then [the 1830s] as now, there were vocal worries about foreigners owning too much of America. Webster pointed out that foreign investment meant, not that they had our stuff, but that we had their money. If push came to shove, if foreign governments tried to pressure the U.S. by threatening to withdraw their citizens’ investments, we could keep it—refuse to pay back the debt. Their capital, after all, in the form of canals and the first railroads, was immovably located under our jurisidiction.”