Deficit Ponzi schemes meet cold fusion

In 1989, Dr. Stanley Pons and Dr. Martin Fleischmann “discovered” cold fusion — the ability to produce essentially free, unlimited energy. Pons and Fleishmann became overnight celebrities. Part of the story’s drama was two, upstart chemists revolutionizing the staid field of physics. It was, according to the New York Times, a story of David and Goliath. Sadly, there was no proof in the pudding. Instead, a misreading of temperature underlay the heralded results. 

Fast forward three decades to renowned economist Olivier Blanchard’s pronouncement, in his American Economic Association Presidential address, that “public debt may have no cost.” Blanchard was elected president of economics’ 20,000-member club for good reason. After an illustrious career as MIT’s top…

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