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History of Ideas: Hume

Past Present Future

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The Dangers of Refusing to Pay Your Debts

Hume argues that the British state should be willing to renege on its debts. Hume is completely aware that a default could have all sorts of damaging and unforeseen consequences. But he argues it's less dangerous than the alternative, which is either being in-hocked to foreigners or not having any way out. The fear that Hume has is that this way of funding an economy leads longer term to a complete loss of control.

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