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| Mayor Bloomberg: Don’t Panic About the Sequester Posted by Sam Erica on 3/02, 12:46pm | ||
| This man is certifiably insane and it seems that the country is ready to accept such destructive economics. Emphasis mine: Furthermore, while saying the federal deficit does indeed need to be curtailed, Mr. Bloomberg argued the United States could owe “an infinite amount of money” and there is no specific amount that would cause the country to default. “We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.” The US caused the USSR to collapse in the cold war by exploiting the inefficiencies of communism. China can cause the US to collapse by exploiting its profligacy. (There is an active discussion going on in the ECONOMICS interest group.) Sam | ||
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