United States of Debt | No Mercy / No Malice
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United States of Debt | No Mercy / No Malice
In magnitudes that Argentines could only dream of, the U.S. government has been spending more than it raises in taxes, and American consumers and businesses have been importing more goods than they have been exporting, with borrowing from foreigners covering much of the gaps. The record budget deficit of about $413 billion for 2004, and the record
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
For reasons difficult to understand, when the creditworthiness of a country is evaluated, only one year’s revenue (GDP) is measured against total debt. It is as if the total of an individual’s debt, from home mortgage, car loans, and student debt, were measured against one year’s income. Obviously, that would be irrational.
George Friedman • The Storm Before the Calm: America's Discord, the Coming Crisis of the 2020s, and the Triumph Beyond
The point of no return for countries is when interest rates are rising faster than their growth rates. At that stage, there is no hope of stabilizing the deficit. This is the situation many countries in the developed world now find themselves in.
Jonathan Tepper • Endgame: The End of the Debt SuperCycle and How It Changes Everything
Our country doesn’t need cowardice, it needs courage. Here’s the first part of the solution: our leaders need to get tough with the big players like China and OPEC that are ripping us off so we can recapture hundreds of billions of dollars to pay our bills, take care of our people, and get us on a path toward serious debt reduction. We must take ca... See more