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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (597454)	7/30/2004 11:04:18 AM
From: DuckTapeSunroof	Read Replies (2) \| Respond to of 769670

"If the left hand owes money to the right hand what does the body care?" Two small points: 1) More then half our treasury sales are to foreign nation's national banks (mainly Japan and China). By running such HUGE deficits we put ourselves at risk to their actions. The day they stop buying interest rates SOAR. The day they start dumping dollars, the dollar implodes. 2) Our national debt is already so immense, the only realistic way to 'pay it off' is to INFLATE THE HELL OUT OF THE CURRENCY... which is what we are already about. (In the infamous words of our Treasury Secretary, 'we can run the printing presses as much as we want.') Any one who thinks a nation can print it's way to financial success is a fool. Just take a look at hyper-inflationary collapses like Argentina or the Weimar Republic if you need proof. Or, look at the stag-flation of the seventies... you are going to see much more of it.