Archive for September 23, 2008

Shakedown

September 23, 2008

Billmon:

Even the deepest purse has a bottom, and the point may be approaching where the costs of propping up the world’s largest debtor nation (i.e. us) begins to outweigh the benefits.


The national debt is owed, in no small part, to banks in other countries. What would happen if the rest of the world – or even, say, the Chinese – decided they wanted their money back?

I’d make a crack about structural adjustment programs, but the Republicans already pursue those with vigor.

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