Debt and retribution, or not

I do try to understand. I listened to yesterday’s debate from the LSE, broadcast on BBC Radio 4. It was a straight Keynes Vs. Hayek contest chaired by that nerk Mason. What puzzled me was neither side appeared to acknowledge the probability that, either as individuals or as an economy, we would be so much poorer in the future. Both seemed to assume that if ‘their’ path was followed, fingers crossed, it would be onwards and upwards again. Redwood writes this morning in advance of Bernanke’s appearance. He makes the point that more than one Dollar in three currently being spent by the Federal Government is borrowed money. I acknowledge our own position isn’t too different; likewise, that we have to keep the show on the road a while longer if only to give our lords and masters more time to perfect their exit strategy. But at what stage do we bow the inevitable; is there an inevitable? Is it a case of tiptoeing along, quietly inflating the problem away? When do they let us, the public into their secret? And is any of this worth losing sleep over?