Public Choice Economics, son of Mr Ronald Reagan, is dead.

"Mr Kirk, come down to the stationhouse, your son is dead...."

"..... he died of an overdose."

Radio 4 ravers out there will be familiar with this tune, but the story should be familiar to all. Reagan begat public choice economics and then his public all chose to be rich whilst choosing not to actually have to earn the money first. It's is ironic really given that Reagan once said "You and I can live beyond our means by borrowing, but only for so long". He also said "Government is not the solution, government is the problem". Double irony!

That leaves the financial system in a bit of a conundrum. Viz;

I promise* to pay the bearer of this note

*Promise may vary from promise shown. The value of your promise may go down, but not up. This note does not suit all investors and we reccomend that you contact your economist before exchange. Past solvency is not an indicator of future solvency. This is regulated by the FSA, which should make you feel much better.

So thats the terminal public choice; not to pay thier debts.