"But until you can quantify and put the whole thing into a computer and simulate it and show your computer model can behave in the same way as the real one, I don't think you can say you understand it."
The Congressional Research Service points out two things that are missing in Canning: precedent and practicality. A quick glance at a dictionary written more than a quarter-century before the Framing, in another country, was enough to sweep away any counterarguments -- most particularly the argument that, whatever words the Framers may have chosen, they were designing a government that would work, not one that would fall apart whenever 40 senators felt grumpy.
In the end, 50 years after one of the most glorious chapters in the history of the Supreme Court, we tell ourselves that we are a nation of laws, and we praise ourselves for rulings like Gideon, and we extol the virtues of the Constitution in theory, but the truth is we are just lying to ourselves and each other when we pretend that there is equal justice in America.
There isn't any evidence that the U.S., or other countries that borrow in currencies they control, face some debt tipping point after which borrowing costs spiral out of control. There isn't even much evidence this is true of Europe's troubled economies. Borrowing costs fell for the PIIGS in 2012 (one year after Greenlaw & Co.'s sample ended), not because those countries reduced their debt burdens, but because the ECB promised to do "whatever it takes" to save the euro.
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