If you read the debt chapter (Ch 3) in The Deficit Myth, then you know that I did not take a position on whether it would be preferable to carry on with status quo practice, phase out Treasury issuance altogether, switch to T-bills only, etc. I just explained the mechanics and…

With so many people now claiming that they’ve always understood the real purpose of issuing government securities, it feels like a good time for an open debate about the relative merits of various alternatives. 2/