random notes

Politicians just can’t break their addiction to debt
Irwin Stelzer: American Account

It took the current administration less than a year to reduce the United States from the country with a currency that is considered a safe haven during international storms, to one that is warned by a rating agency that unless it mends its profligate ways it will lose the triple-A credit rating it has had since US government debt was first assessed in 1917. Who would have thought when Barack Obama took the oath of office some 11 months ago that Greece, Britain and America would attract the attention of the rating agencies in the same week.

... well, rating is a nice issue ...
... but to go bankrupt to save the ratings ...
... makes little sense ...
... if the whole western world gets downgraded ...
... what is the alternative ? ...
... buying treasury bonds on mars ? ...
... how long can the euro sustain this exchange rate ? ...
... sooner or later something must be done in the EU zone for unemployment ...
... bankers may like it or not, but there is a minimum under which ...
... no public agency will be able to operate ...
... unless at some point some big public money is spent ...