All of these economists talk as if the US has unlimited capacity to issue debt. Somewhere, sometime during the Obama presidency - probably next year but certainly out of the blue - will come a crisis of confidence in the US itself: in its debt and its currency. Nations are progressively hunkering down to defend themselves, and at some point both Japan and China will need their dwindling reserves for their own purposes, not for holding on to Treasuries. Worse, they will probably see that the US left to itself will continue to issue trillions more in debt, making what they already own worth much less. The result is the same thing; the US will no longer have the option of unlimited financing, and it will have to start looking toUS taxpayers to foot the bill. Good luck on that. Obama can play the important role of national pastor while people are hurting, redirecting what resources the US does have to helping people in distress. But to raise the money even for remedial help, he will need a major transformation in his thinking, starting with something he has never mentioned doing: taking on the military. Numerian October 24, 2008 - 12:07pm
All of these economists talk as if the US has unlimited capacity to issue debt. Somewhere, sometime during the Obama presidency - probably next year but certainly out of the blue - will come a crisis of confidence in the US itself: in its debt and its currency. Nations are progressively hunkering down to defend themselves, and at some point both Japan and China will need their dwindling reserves for their own purposes, not for holding on to Treasuries. Worse, they will probably see that the US left to itself will continue to issue trillions more in debt, making what they already own worth much less. The result is the same thing; the US will no longer have the option of unlimited financing, and it will have to start looking toUS taxpayers to foot the bill. Good luck on that.
Obama can play the important role of national pastor while people are hurting, redirecting what resources the US does have to helping people in distress. But to raise the money even for remedial help, he will need a major transformation in his thinking, starting with something he has never mentioned doing: taking on the military. Numerian October 24, 2008 - 12:07pm
THEN, the balloon will go up. Capitalism searches out the darkest corners of human potential, and mainlines them.
THEN, the balloon will go up.
because there's no drug as tasty as exceptionalism, and no bigger come-down after either.... ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
