March 1, 2013

Michael Bloomberg Explains It All …

Filed under: Economy,Taxes & Government — Tom @ 2:24 pm

… though he doesn’t seem to recognize it what he’s really saying, which is that the nation’s politicians and elites really do believe that our economy and nation are untouchable, no matter how much we screw up.

Oh, if it were only so:

Furthermore, while saying the federal deficit does indeed need to be curtailed, Mr. Bloomberg argued the United States could owe “an infinite amount of money” and there is no specific amount that would cause the country to default.

“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”

Well, that’s a relief. (/sarc)

Wanna bet, Mike?

Or would prefer that our creditors hold our economy hostage? Or maybe start (or continue??) dictating our foreign policy?

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1 Comment

  1. Umm, Mr. Bloomberg, why then is the Fed buying most of the US Treasuries each month IF people are NOT refusing to buy them? Yeah, that would be because people are pulling back from buying US Treasuries as the Fed continues to PRINT more money making the bonds they already hold worth LESS.

    Mr. Bloomberg may have convinced himself that the Fed buying ever increasing shares of US Treasuries means nothing or doesn’t contradict his statement of belief. However, denial can be defined as refusing to accept the inconvenient facts that renders the cherished narrative farcical. Mr. Bloomberg like most liberals think they NEVER have to pay the money back, hence they can borrow an unlimited amount of money, forever. Borrowing with the intent of non repayment is called FRAUD. Borrowing endlessly to pay the interest on existing bonds or selling new bonds to replace maturing ones is called a PONZI scheme. As we all know, EVERY PONZI scheme comes to an end when there aren’t enough new investors to keep it going. Having the Fed print money to make up the difference for the lack of buyers only prolongs the inevitable collapse of the scheme.

    Comment by dscott — March 1, 2013 @ 4:27 pm

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