Hamilton on Debt, Default, and Oil

James Hamilton talks with host Russ Roberts about the rising levels of national debt and the growing Federal budget deficit. What is the possibility of an actual default, or an implicit default where the government prints money to meet its obligations and causes inflation? What might signal an impending default? What is the long-range forecast for the U.S. government's obligations? Hamilton also explores the causes of the increasing price of oil over the last decade and the implications for the economy.