I knew it would only be a matter of time before the newly-ascendant left applied some postmodern linguistic constructivism to make our problems go away. From Zachary Karabell in the Washington Post:
Debt is simply a new form of currency that is issued, bought, priced and sold like any other currency,and the fear that it will fatally undermine the nation is much like the belief in the 19th century that paper dollars would destroy value and rob the middle class, or the fear that silver would do the same, or the concern in the 20th century (and now) that unless all value is tethered to gold, economies will collapse. The debt freakout is the latest installment, the only difference being that those who believe debt will destroy us have more political power. Debt may not undo us, but actions flowing from the fear of it could come close. . . .
Debt can be a fatal liability if used unwisely, but used well it can be a powerful tool. It allows governments, businesses and individuals to expand what they can do in the present in the belief that future gains will ensue. It can fund education, underwrite infrastructure and fuel research and innovation. The fact that debt is so often used poorly, to paper over problems or fund ephemeral spending, represents a serious and potentially crippling problem. But that is not an indictment of debt; it is an indictment of what is done with it.
The current assumption is that debt is out of control and has been for many years. Consumer debt in the early 2000s gave way to sovereign debt today, and Greece and its Mediterranean brethren are held up as Exhibit A in the prosecution’s case. Yet this animus harkens back to moments when shifts in the financial system have triggered anger and panic. Our debt fixation, then, may be less a product of debt itself than one of adjusting to a new currency.
If debt is a new form of currency, that means we’re rich! We can spend more and more and more!
But read the rest of his argument. Are there elements of truth in what he says, or is this ludicrcous?