Yet More Rainbow Stew

Here's a letter to the New York Times:

One of Pres. Obama's economic advisors explained to David Einhorn that the U.S. government is unlikely to default on its debt because (as Mr. Einhorn summarizes the proffered explanation) "the government is different from financial institutions because it can print money" ("Easy Money, Hard Truths," May 27).

Mr. Einhorn understandably isn't comforted.  After all, had this White House official elaborated a bit more, his explanation would have been this...