Tornado Alley (PROG)

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Re: This guy is either a visonary or delusional... He contends deficits don't really matter

Dick Cheney said the same thing when the Bush administration went on its spending binge.

If someone is going to make the argument that anything over $10 trillion might as well be $100 trillion, or $100 quadrillion, that seems rather obtuse. Yes, all of these are big, virtual numbers, and on some level it all depends on the trust of the treasury bond-holder. But therein lies the subtlety.

If China or the Arab nations hold these bonds, all they have to do is stop buying them, and the U.S. can't borrow any more. It would essentially mean the country is bankrupt.

People can make the argument that we can continue to stretch the good will of our bond-holders, because all of these large, virtual numbers hardly have a tangible value in the first place, but I doubt that many of the citizens in this country would feel confident in taking the same leap of faith.

If correct, it's the same as an open cash register, and having our government behave like a looter isn't setting the right behaviors for this country long term. And if incorrect, the price we pay for bankrupting our country could cause a global meltdown much worse than even the Great Depression.

So, yes, I would call both Dick Cheney as well as Mr. Mosler "delusional" in their views of the national debt.