Time for a political entry...
WP article (may need reg)
Okwe are 400+ BILLION dollars in debt. And now Der Shrub and his Merry Band of Yes Men want to fund their privatization of Social Security by issuing more debt? Is there something Im missing here that doesnt make this idea totally fucking stupid? The currency markets are already wavering on the use of the dollar as the standard reserve currencythe main bond investors in Asia are already saturated with bonds and dollar-denominated assetsand the Treasury Secretary is advocating more debt in order to fund a partial privatization of Social Security? Insanity!
Let me give you a scenario here. Its being muttered already that the dollar is well on its way to a major correction (involving a large drop in value). When that happens, the large store of bonds and dollars held by foreign investors will lose a great deal of value in one fell swoop. After that, the probability that any bond investor will purchase large quantities of US Govt bonds is about as high as that of Dick Cheney resigning as VP and joining Amnesty International.
WP article (may need reg)
Okwe are 400+ BILLION dollars in debt. And now Der Shrub and his Merry Band of Yes Men want to fund their privatization of Social Security by issuing more debt? Is there something Im missing here that doesnt make this idea totally fucking stupid? The currency markets are already wavering on the use of the dollar as the standard reserve currencythe main bond investors in Asia are already saturated with bonds and dollar-denominated assetsand the Treasury Secretary is advocating more debt in order to fund a partial privatization of Social Security? Insanity!
Let me give you a scenario here. Its being muttered already that the dollar is well on its way to a major correction (involving a large drop in value). When that happens, the large store of bonds and dollars held by foreign investors will lose a great deal of value in one fell swoop. After that, the probability that any bond investor will purchase large quantities of US Govt bonds is about as high as that of Dick Cheney resigning as VP and joining Amnesty International.