On Monday, December 17, 2012 1:08:33 PM UTC-5, Brent wrote:
>
>  On 12/17/2012 6:14 AM, Craig Weinberg wrote: 
>
> Bankruptcy is the condition of owing more than you own. I think that in 
> the position the US is in,
>
>
> Not even close.  The reason other nations keep buying U.S. bonds at rates 
> so low they are essentially below inflation is that they see that the U.S. 
> has plenty of assets and by OECD measures is under taxed.  They're not 
> worried about the U.S. not paying off on those bonds because they see that 
> the U.S. could easily raise taxes to pay for them.  
>

I agree. I suspect though that this is exactly why the US leadership 
intends to keep pushing that into a greater and greater bubble forever. I 
could be wrong, I'm not really educated on the particulars, it's just a 
hunch.
 

> The 'debt crisis' is just an consequence of Reagonomics and 'trickle 
> down'.  When the very rich, and particularly those in the financial 
> industry, are much happier when the government borrows money from them 
> instead of taking it as taxes.  So by lowering top tax rates and those on 
> capital gains and estates and exempting carryovers, and at the same time 
> ramping up government spending on Medicare and wars, revenue was shifted 
> from taxes to borrowing.
>

That sounds more realistic than my hunch.

Craig
 

>
> Brent
>  

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