In this Financial Times article, Rogoff claims that if no one bought the UK’s debt, the UK would be unable to run a deficit, and would thus face catastrophic austerity.
As SimonWren-Lewis points out, that’s nonsense, because a monetarily sovereign country can perfectly well print money as an alternative to borrowing it (as indeed Keynes pointed out in the 1930s.)
I’ve been pointing out for some time that Rogoff is an idiot – (Google “Mario's Entangled Bank” and “Rogoff”).
P.S. (same day): The passage in which Rogoff assumes a monetarily sovereign country cannot print money is the 3rd last paragraph: “One the one hand….”