Yes, I remember. And, Yes... we had the right criteria for the discussion!
The jest of the matter was that foreign interests would (did) increase their holdings of US debt... that we were (did) get loans akin to 'signature only'... that foreign countries holding our currency or debt as 'reserve' would (are) suffering the consequences... that foreigners would (are) putting all their eggs into one basket by feeding from the US bond/treasury trough... that there would be (are) consequences.
We bottom lined it (after all that discussion) to "what if we had an auction & no one showed up?".
The bridge is almost in front of us... Obama said in Feb'09 press conference "You know, if all we're doing is spending and we're not making things, then over time other countries are going to get tired of lending us money and eventually the party is going to be over. Well, in fact, the party now is over. " (my post 46215) I was shocked that an American President would say that on national television!!!
Is it t-e-r-r-i-b-l-y "odd" that they announced that the Central Bank will be at the auction now??? Filling the gap of exiting foreigners??
This is what we hoped would never begin to happen!!!
