A government debt is a government claim against personal income and private property - an unpaid tax bill.
Freedom is the quality of being free from the control of regulators and tax collectors. If I want to be free their control, I must not impose controls on others.
In expectation of his demise, a successful businessman may sell out to his competitors to prepare his estate with readily marketable securities, such as U.S. Treasury bonds. The confiscatory death tax eliminates many family enterprises and promotes the growth of giant corporations.
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