…and then we will all fly to the moon
QOTD:
The government owes the world $11.4 trillion — $37,000 for every person in the U.S. In the next fiscal year, the government will add $1.8 trillion to the deficit. [...] Every day [...] the U.S. needs to borrow $15 billion to fund the deficit, says Axel Merk, portfolio manager of the Merk Hard Currency fund. “Someone has to buy all that,” he says. More important, the U.S. has to repay it. [...]
Will the nation cure its debts by raising taxes and cutting spending?
“Sure,” says Merk. “And then we will all fly to the moon.” Otherwise, he says, “Inflation is the answer.”
Otherwise, today’s Wizard of Id sums it up pretty well.
