Jeffrey Rogers Hummel, my old friend and a top-notch economist, historian, and authority on money and banking, sat down with Nick Gillespie of Reason TV for an illuminating interview on what to expect regarding the federal government’s fiscal bog. In accessible language Hummel explains why the government will have no choice but to repudiate its debt (inflation, taxation, and spending can’t balance the budget) and why repudiation will be a good thing. I highly recommend this video.