An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Tuesday, March 24, 2009
Senator Judd Gregg says America facing bankruptcy
This guy is totally out of paradigm. We are not on a gold standard. It is functionally impossible for a nation that issues non-convertible currency and spends by crediting bank accounts to go bankrupt.
Judd is an idiot and being purposely alarmist because Conservatives are scared shitless right now that Obama's plan will work. The only thing they have to counter this is by saying, "Yeah, it's working temporarily, but it will eventually bankrupt us."
This guy is a dangerous guy. He voted against the stimulus and feels okay, I guess, with women becoming prostitutes, strippers and porn actresses to pay the bills because that's better than the government providing support to the economy.
dumbfounding!
ReplyDeletedid he say "figure out some way NOT to pay it?"
ReplyDeleteand is this woman really comparing holding treasuries to holding a Macy's card?
Yeah, China's concerned about buying our debt alright but only because they need they can't purchase it with the Yuan.
Out of paradigms like these two are the biggest compromise to our resiliency.
Now he's on Kudlow tonite with the same bibble-babble! Ahhhgh!
ReplyDeleteHe's in trouble in NH for next election (his polls are down).
Maybe he's applying for his next job at The Peterson Institute!
Matt