Jeff and Bob discuss the effect of rising interest rates on Uncle Sam's ability to service debt—and promote the increasingly less radical idea that a default on Treasury debt is both inevitable and good. Jeff's article on rising rates: https://Mises.org/HAP351-1 House Budget Committee report on higher interest rates and US debt service: https://Mises.org/HAP351-2 Rothbard on the ethics of debt repudiation: https://Mises.org/HAP351-3 00:00 Introduction 03:06 The 14th Amendment: Is the Debt Legal? 06:58 Repudiating the National Debt 16:07 Cancelling the Intragovernmental Debt 18:41 Defaulting on the Public Debt 25:52 Paying Entitlements 32:50 What a Default Would Look Like 39:57 Modern Monetary Theory (MMT)