Trevor Kolego

Boehner, The Debt Ceiling, And The Young Guns Of August
May 23, 2011

The notion that House Republicans might risk financial chaos by flirting with a failure to raise the debt ceiling strikes many people, including people who buy Treasury bonds, as too irrational to happen. But leaders can act irrationally, and it's worth thinking about the kinds of circumstances that cause them to do so. When Saddam Hussein ruled Iraq, he had a devious scheme for rooting out potential dissidents. Members of his government would be startled by a small team of officials bursting in to announce they were undertaking a coup against Saddam -- were you with them?