FISCAL: Billions & Bankers

How large the public debt of any nation can grow without plunging that nation into disaster is something that no mortal man can calculate. The credit of a nation, like the credit of a man, is good so long as it can make ends meet. After its budget ceases to balance, its credit remains good so long as men believe that its budget will again balance. But how long men will thus believe is not written on the books of any treasury. Conceivably the U. S. might have twice its present public debt...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!