Monday - January 24, 2011

by 2020 the U.S. govt.will be paying between 15 and 20 percent of its revenues in debt interest.

For your consideration ....

The cartoon is from the Telegraph ...

Mark Steyn.

Decline starts with the money. It always does. As Jonathan Swift put it:
A baited banker thus desponds,
From his own hand foresees his fall,
They have his soul, who have his bonds;
‘Tis like the writing on the wall.
Today the people who have America’s bonds are not the people one would wish to have one’s soul. As Madhav Nalapat has suggested, Beijing believes a half-millennium Western interregnum is about to come to an end, and the world will return to Chinese dominance. I think they’re wrong on the latter, but right on the former. Within a decade, the United States will be spending more of the federal budget on its interest payments than on its military.
by 2020 the U.S. government will be paying between 15 and 20 percent of its revenues in debt interest—

Posted by peiper     on 01/24/2011 at 12:15 PM   
Filed Under: • Economics • USA •  
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