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Politics : Stockman Scott's Political Debate Porch
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To: mistermj who wrote (64285)10/30/2004 2:46:14 AM
From: Eashoa' M'sheekha  Read Replies (2) of 89467
 
" When has a deficit hurt anyone in this country? ""..

The (almost ) free ride continues as long as you can maintain the interest payments on the debt and sell treasuries to meet current obligations.So far so good,but you pass that debt along to your children and your children's children and so on.

But here's where it gets difficult.

The EU is providing competition,both from a monetary advantage, and from an investment advantage.Couple this with rising interest rates,a devalued US dollar,tax breaks for business and the wealthy,with countries likely to trade oil in other than US currency going forward, and you have the makings of a Made In America financial crises.

This will be no Asian Flu,this will be an international pandemic,with those countries now positioning themselves for this eventuality weathering the storm somewhat better than others.

Debt and deficits are accumulative,just like personal debt.

It's when the bank calls in your loans that it hurts.Until then you just just keep playing a happy tune and hope no one notices, or that the IMF or World Bank is ready to throw you a life line.By that time the music stops and the heavy breathing begins,and the cat is out of the bag...forever.

KC
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