Here's something from Paul Krugman of the New York Holy Times, on why we aren't having a debt crisis.
It's a variation on the old joke/bumpersticker that says "I can't possibly be overdrawn - I haven't run out of checks".
We are not having a debt crisis.There you have it, folks. From the #1 New York Times cheerleader and apologist for The Teleprompter Jesus.
It’s important to make this point, because I keep seeing articles about the “fiscal cliff” that do, in fact, describe it — often in the headline — as a debt crisis. But it isn’t. The U.S. government is having no trouble borrowing to cover its deficit.
It's a variation on the old joke/bumpersticker that says "I can't possibly be overdrawn - I haven't run out of checks".
Of course, the fed is buying 2/3 of our debt now, and has been for some time, but the US issues it's own currency so we'll never run out of money.
ReplyDeleteAnd yet I get into Facebook discussions with otherwise intelligent people who claim that this isn't a problem because, after all, the bonds and T-bills are still selling! To us!
ReplyDeleteLord have mercy on us all.
we have his weekly rant in our newspaper here in Atlanta,that clown is insane I cant believe some of the stuff he writes
ReplyDeleteSwell, this gives me a few ideas on how to talk to my bank's manager. Indeed, why worry, if bank could give me another loan...
ReplyDelete