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We have yet to pay for this crisis
Monday, June 15, 2009 | No comments posted.
Treasury Secretary Timothy Geithner unintentionally amused students in Beijing recently when he reassured them China's heavy investments in America - and in our currency - are "very safe." The spectacle of young Chinese scholars laughing at our fiscal shortcomings should not amuse or reassure Americans.
The spending-spree bill will come due. Federal Reserve Board Chairman Ben Bernanke warned that the Federal Reserve won't forever "monetize the debt" to cover Washington's profligate habits. If runaway deficits persist, interest rates are bound to rise, with devastating consequences. Eventually, "Either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation."
America will be the victim of self-inflicted, long-term financial ruin.
The Post and Courier, Charleston, S.C.
The spending-spree bill will come due. Federal Reserve Board Chairman Ben Bernanke warned that the Federal Reserve won't forever "monetize the debt" to cover Washington's profligate habits. If runaway deficits persist, interest rates are bound to rise, with devastating consequences. Eventually, "Either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation."
America will be the victim of self-inflicted, long-term financial ruin.
The Post and Courier, Charleston, S.C.
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