Saturday, February 27, 2010

“Greece is the word ...”

When I was growing up in the 1960s, Hubert H Humphrey of Minnesota was Vice-President under President Lyndon Johnson. I remember being told in school, how he claimed that the government could continue deficit spending indefinitely, so long as the USA had the ability to continue to borrow, and others were willing to lend.

I don't know much, but I don't think it's like that anymore.

Pat Buchanan writes: "Federal revenues are running at 16 percent of gross domestic product, spending at 27 percent. Wednesday, Fed Chairman Ben Bernanke warned that a Greece-like situation, where creditors refuse to buy U.S. debt unless we raise interest rates to cover the rising risks of a U.S. default, cannot be ruled out." In the meantime, we can have a little fun watching him make a futile attempt to explain monetary policy to Congresswoman Maxine Waters.

(H/T to Hot Air.)

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