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Technology Stocks : Discuss Year 2000 Issues
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To: Lane3 who wrote (7502)7/31/1999 5:10:00 PM
From: B.K.Myers  Read Replies (3) of 9818
 
RE: The Feds can spend money they don't have. They've had a lot of practice over the last 30 years or so. It's called deficit spending.

Karen,

Indeed the Feds have been spending money that they don't have for years. But they have had a means of repaying it, through income taxes. Without the IRS, they will have to find another way to repay these past debts and any new debts being issued to repay the old debts.

I am afraid that any new debt issued under these conditions will carry a very high interest rate. This would have a devastating effect on the value of the U.S. dollar and would probably severely shake up the financial, currency and stock markets. The effects would be economically devastating.

B.K.
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