On May 18, 2009, at 1:10 PM, raghu wrote:
On Mon, May 18, 2009 at 8:18 AM, Doug Henwood <[email protected]>
wrote:
What we do today does have an effect on our descendants.
Yes, but not through the mechanism of bonds. Bonds represent
redistribution of wealth between classes not between generations, no?
Like I said in the part you don't quote, the level of debt that we
contract will matter to our descendants. A debt burden of 60% of GDP
with debt service at 2% is a lot different from a debt burden of 120%
with debt service at 6%.
Doug
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