What we’re looking at is a world of depressed demand, where government securities look like a good buy everywhere except in countries that either don’t have their own currency or have large debts in foreign currency, making them vulnerable to self-fulfilling panic. It’s a world in which deficit obsession is mad, bad, and dangerous.
The fact that niether my State Representative, my State Senator, my Congressman, nor my Governor understand a pretty basic economic state of affairs is worrisome.
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