Coburn: Washington to impose “financial repression” if spending not reduced

(By Ed Morrissey, Hot Air) - CNS News reports on a presentation by Senator Tom Coburn on Monday for his deficit-reduction proposal, “Back in Black,” in which the doctor from Oklahoma delivers a very tough diagnosis and prognosis for America. If Congress doesn’t end its profligate spending and fix the personal and corporate tax codes, the resulting debt load will force the government to start printing “fiat money” in order to meet its obligations. That will destroy accumulated capital among all classes in the US and significantly lower living standards for the next generations of Americans. We don’t have long to act before Washington begins imposing “financial repression,” Coburn warns: