Just as governments have no business taxing NON-people, a government has no business borrowing money. Let's start better-defining the hats and roles the various entities -- people, corporations, governments -- play in the Game of Life. If we don't, we will continue to see the conflicts of interest that lead to ever larger, ever more chaotic government. Remember, entropy is always a factor, probably the prime factor.
Since people, partnerships and corporations transact business for profit, only these entities should have the right, or privilege, of borrowing money. Since a government is NOT a business entity -- and NOT established for the purpose of generating PROFIT -- its has no business borrowing money, a tool of people, partnerships and corporations.
Usually when a government borrows money it is up to no good. It borrows because it has generated some emergency through neglect or unintended legislation. Worse, it borrows to go to war or enhance its OWN security. In my opinion, I respectfully posit that Article I, Section 8 of the U.S. Constitution is erroneous in that it allows Congress the power "to borrow money on the credit of the United States." Major mistake, given what we se has happened today. This should be amended.
EITHER FIAT MONEY HAS TO GO OR GOVERNMENT BORROWING HAS TO GO.
If the government can't borrow -- for the above reasons and the many other reasons too numerous to discuss here -- it will be more careful in all its deeds and allocations. The moral hazard will be reduced. WE THE PEOPLE must thus remove the borrowing power from our government or it will not only continue to use this power to wage perpetual war, but facilitate a banking and corporate class in their quest to generate unjust enrichment.
All this leads to an ever-expanding warfare and welfare state. Government borrowing through its partnership with central banks is detrimental to the general welfare and the security of a nation.
All of this temptation must be removed from government if we are to effectuate a limited government. When a government can borrow, too many temptations are open, not only to government officials, but to WE THE PEOPLE.
Remember the old saying about democracies?