Four Numbers Add Up to an American Debt Disaster

[jeff47]

3. How you can tell this author is an idiot

First:

The U.S. is more dependent on short- term funding than many of Europe’s highly indebted countries, including Greece, Spain and Portugal

Hey dumbass! Those countries don't have their own currency. They are effectively hamstrung as if they were on the gold standard. The US isn't.

The US can not default. Because it can literally print more money. That may cause inflation problems, but the debt will be paid.

Second: The article is full of doom and gloom and how we're all about to go broke....and then you find this gem.

In fact, when Treasury bills carry a negative yield -- when investors are paying the government to hold their money for three, six or 12 months -- borrowing “more is better,” Crandall says.

Yep. Our government is literally getting paid by investors to take their money. Yet we're supposed to panic because at some time in the future that may change. Well, dumbass, are you arguing it will morph overnight? No? Don't you think that would then give the government time to respond? Oh, so maybe this isn't disaster.

This article is yet more scary-sounding bullshit designed to push austerity policies that do not work, and would create a much larger financial crisis.