Today, the Treasury's $13 billion 30-year auction didn't go particularly well. It looks like foreigners are liking our IOU less. I hope its not the beginning of the end. If nobody wants our T bills, we will either have to pay a very high interest or our Fed will have to print a lot of funny money to finance the federal budget deficit. Either way, it can be very painful. Yeah, let's go president Obama, good job!!
Of course the other alternative is to raise a lot of tax, or make a lot of painful spending cuts.
Of course the other alternative is to raise a lot of tax, or make a lot of painful spending cuts.