Yeah, let’s see interest rates move to 20%, quadruple interest payments to $900B so that they are 30% of the $2.8B federal budget, in the face of falling tax receipts and increasing demand for government services.
Ain’t gonna happen; the U.S. will print money and ‘retire’ the debt, instead, stiffing savers and foreigners.
That is what is different this time, compared to the ’70s/early ’80s: the huge federal debt.
The feds have no choice but to inflate themselves out of this mess. I wish it was otherwise, so that I could continue to earn a living via productive efforts, instead of speculative efforts.
